Short Interest in Pro-Dex, Inc. (NASDAQ:PDEX) Declines By 21.8%

Pro-Dex, Inc. (NASDAQ:PDEX) was the recipient of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 16,900 shares, a decline of 21.8% from the February 13th total of 21,600 shares. Based on an average daily trading volume, of 30,900 shares, the short-interest ratio is currently 0.5 days. Currently, 0.8% of the company’s shares are short sold.

Pro-Dex Stock Performance

Shares of Pro-Dex stock traded down $0.51 during trading hours on Wednesday, hitting $49.28. 8,511 shares of the company were exchanged, compared to its average volume of 21,542. Pro-Dex has a 1 year low of $16.84 and a 1 year high of $59.60. The company has a current ratio of 2.58, a quick ratio of 1.44 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average of $39.75 and a 200-day moving average of $38.66. The stock has a market capitalization of $160.69 million, a price-to-earnings ratio of 24.52 and a beta of 0.68.

Pro-Dex (NASDAQ:PDEX) last released its quarterly earnings results on Thursday, January 30th. The medical instruments supplier reported $0.61 EPS for the quarter, topping the consensus estimate of $0.38 by $0.23. Pro-Dex had a return on equity of 21.68% and a net margin of 11.06%. As a group, analysts expect that Pro-Dex will post 2 EPS for the current fiscal year.

Insider Activity at Pro-Dex

In related news, Director Raymond E. Cabillot sold 835 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $42.00, for a total value of $35,070.00. Following the completion of the transaction, the director now directly owns 334,646 shares of the company’s stock, valued at $14,055,132. This represents a 0.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 40,595 shares of company stock worth $1,842,192. Company insiders own 47.50% of the company’s stock.

Institutional Investors Weigh In On Pro-Dex

Large investors have recently modified their holdings of the stock. OMERS ADMINISTRATION Corp purchased a new position in Pro-Dex in the fourth quarter worth $313,000. Millennium Management LLC purchased a new stake in Pro-Dex during the 4th quarter worth about $260,000. 683 Capital Management LLC purchased a new stake in Pro-Dex during the 4th quarter worth about $739,000. Northern Trust Corp increased its position in Pro-Dex by 14.1% during the 4th quarter. Northern Trust Corp now owns 35,754 shares of the medical instruments supplier’s stock worth $1,672,000 after purchasing an additional 4,426 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Pro-Dex during the 4th quarter worth about $433,000. Hedge funds and other institutional investors own 15.28% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Pro-Dex from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th.

Pro-Dex Company Profile

Pro-Dex, Inc designs, develops, manufactures, and sells powered surgical instruments for medical device original equipment manufacturers worldwide. The company offers autoclavable, battery-powered and electric, and multi-function surgical drivers and shavers that are primarily used in the orthopedic, thoracic, and craniomaxillofacial markets.