Pro-Dex (NASDAQ:PDEX) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Pro-Dex, Inc. (NASDAQ:PDEX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $51.56 and traded as high as $56.70. Pro-Dex shares last traded at $56.01, with a volume of 187,569 shares traded.

Wall Street Analyst Weigh In

PDEX has been the topic of several research analyst reports. Ascendiant Capital Markets raised their price objective on Pro-Dex from $56.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Wall Street Zen raised Pro-Dex from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. Zacks Research raised shares of Pro-Dex to a “hold” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of Pro-Dex from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Pro-Dex currently has a consensus rating of “Hold” and an average target price of $70.00.

Pro-Dex Stock Up 2.3%

The firm’s fifty day moving average price is $62.01 and its 200-day moving average price is $51.66. The company has a market capitalization of $174.56 million, a price-to-earnings ratio of 15.10 and a beta of 0.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.67 and a quick ratio of 2.14.

Pro-Dex (NASDAQ:PDEX) last released its quarterly earnings data on Thursday, April 30th. The medical instruments supplier reported $1.20 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.58. The company had revenue of $19.95 million for the quarter, compared to the consensus estimate of $17.90 million. Pro-Dex had a return on equity of 22.78% and a net margin of 16.08%. Sell-side analysts expect that Pro-Dex, Inc. will post 3.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Kirk Richard Lee Van, Jr. sold 5,872 shares of Pro-Dex stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $62.81, for a total transaction of $368,820.32. Following the sale, the chief executive officer directly owned 93,835 shares of the company’s stock, valued at approximately $5,893,776.35. This trade represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 45.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new stake in Pro-Dex during the 4th quarter worth approximately $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Pro-Dex during the 2nd quarter worth approximately $50,000. Bank of America Corp DE increased its position in Pro-Dex by 173.3% in the 2nd quarter. Bank of America Corp DE now owns 1,692 shares of the medical instruments supplier’s stock valued at $74,000 after acquiring an additional 1,073 shares during the period. Wells Fargo & Company MN increased its position in Pro-Dex by 65.4% in the 4th quarter. Wells Fargo & Company MN now owns 2,314 shares of the medical instruments supplier’s stock valued at $89,000 after acquiring an additional 915 shares during the period. Finally, New York State Common Retirement Fund bought a new position in shares of Pro-Dex during the second quarter valued at $105,000. Institutional investors and hedge funds own 15.28% of the company’s stock.

About Pro-Dex

Pro-Dex, Inc is a designer and manufacturer of precision drive systems and fluid management products serving the dental, medical, industrial and energy markets. The company specializes in high-speed, brushless micromotors and controllers, as well as pneumatic and fluid control devices, providing both standard and custom-engineered solutions for original equipment manufacturers.

Its product portfolio includes high-speed dental handpieces, turbine systems, rotary and reciprocating micro-drives, along with integrated fluid delivery systems.