Profound Medical Corp. (NASDAQ:PROF) Sees Large Increase in Short Interest

Profound Medical Corp. (NASDAQ:PROF) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 474,700 shares, an increase of 23.9% from the February 13th total of 383,200 shares. Based on an average daily trading volume, of 90,300 shares, the short-interest ratio is currently 5.3 days. Approximately 1.6% of the shares of the stock are short sold.

Institutional Trading of Profound Medical

Hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Profound Medical in the third quarter worth about $612,000. Gagnon Securities LLC boosted its holdings in shares of Profound Medical by 12.6% in the 4th quarter. Gagnon Securities LLC now owns 1,652,531 shares of the company’s stock worth $12,411,000 after purchasing an additional 185,284 shares during the period. Gagnon Advisors LLC boosted its holdings in shares of Profound Medical by 20.0% in the 4th quarter. Gagnon Advisors LLC now owns 896,671 shares of the company’s stock worth $6,734,000 after purchasing an additional 149,445 shares during the period. Truist Financial Corp bought a new position in shares of Profound Medical during the 4th quarter valued at approximately $376,000. Finally, Ring Mountain Capital LLC purchased a new stake in Profound Medical during the 4th quarter valued at $2,087,000. 47.86% of the stock is currently owned by hedge funds and other institutional investors.

Profound Medical Stock Performance

NASDAQ:PROF opened at $6.89 on Thursday. The company has a market cap of $206.98 million, a price-to-earnings ratio of -5.14 and a beta of 0.78. Profound Medical has a 1 year low of $5.63 and a 1 year high of $11.42. The stock’s 50 day simple moving average is $6.90 and its two-hundred day simple moving average is $7.45. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.12 and a quick ratio of 5.16.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.11. Profound Medical had a negative net margin of 349.41% and a negative return on equity of 85.22%. The company had revenue of $4.18 million for the quarter, compared to analysts’ expectations of $5.92 million. As a group, equities analysts anticipate that Profound Medical will post -1.12 earnings per share for the current fiscal year.

About Profound Medical

Profound Medical Corp., together with its subsidiaries, operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image guided ablation of diseased tissue in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system combines magnetic resonance imaging(MRI), robotically-driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to provide precise, flexible, and durable ablation of a surgeon defined region of prostate and protect the urethra and rectum.