Profound Medical (NASDAQ:PROF) Trading Down 1.6% – Here’s What Happened

Profound Medical (NASDAQ:PROF) shares were down 1.6% during trading on Friday . The stock traded as low as $6.82 and last traded at $6.85. 18,183 shares were traded during trading, a decline of 85% from the average daily volume of 117,764 shares. The stock had previously closed at $6.96.

Analyst Upgrades and Downgrades

Several research firms have commented on PROF. Raymond James Financial raised shares of Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a report on Monday, July 27th. Weiss Ratings cut Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.50.

Profound Medical Stock Performance

The business has a 50 day moving average price of $7.04 and a 200-day moving average price of $6.74. The company has a market capitalization of $248.93 million, a price-to-earnings ratio of -6.99 and a beta of 0.73.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The business had revenue of $2.48 million for the quarter, compared to the consensus estimate of $4.75 million. Profound Medical had a negative return on equity of 63.03% and a negative net margin of 171.57%. As a group, equities analysts predict that Profound Medical will post -0.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Profound Medical

Large investors have recently modified their holdings of the company. Royal Bank of Canada lifted its position in Profound Medical by 3.5% in the 1st quarter. Royal Bank of Canada now owns 435,997 shares of the company’s stock valued at $2,537,000 after acquiring an additional 14,795 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of Profound Medical by 5.5% during the 2nd quarter. Raymond James Financial Inc. now owns 941,879 shares of the company’s stock valued at $5,557,000 after acquiring an additional 49,000 shares during the period. Bank of America Corp DE grew its holdings in Profound Medical by 14.3% during the third quarter. Bank of America Corp DE now owns 200,160 shares of the company’s stock valued at $979,000 after purchasing an additional 24,974 shares during the period. National Bank of Canada FI grew its stake in shares of Profound Medical by 7.3% during the 3rd quarter. National Bank of Canada FI now owns 172,883 shares of the company’s stock worth $845,000 after acquiring an additional 11,704 shares during the period. Finally, CM Management LLC bought a new position in Profound Medical during the fourth quarter worth about $630,000. 47.86% of the stock is currently owned by institutional investors.

About Profound Medical

Profound Medical Corp is a medical technology company headquartered in Toronto, Canada, that specializes in the development and commercialization of minimally invasive therapeutic solutions using magnetic resonance–guided ultrasound ablation. The company’s proprietary platform delivers focused ultrasound energy to targeted tissue under real-time MR imaging, offering a non-incisional alternative to traditional surgical approaches.

The company’s lead product, the TULSA-PRO system, is designed for the treatment of prostate conditions, including localized prostate cancer and benign prostatic hyperplasia.