Profound Medical (NASDAQ:PROF) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Profound Medical (NASDAQ:PROF) from a hold rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also issued reports on PROF. Weiss Ratings lowered shares of Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 12th. 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 research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Profound Medical Stock Performance

Shares of Profound Medical stock opened at $5.81 on Friday. The business’s 50 day moving average price is $7.02 and its 200 day moving average price is $6.73. The company has a market cap of $212.26 million, a price-to-earnings ratio of -5.93 and a beta of 0.72. Profound Medical has a one year low of $3.90 and a one year high of $8.95.

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

Hedge Funds Weigh In On Profound Medical

Several institutional investors have recently bought and sold shares of PROF. Penbrook Management LLC purchased a new position in Profound Medical during the 1st quarter worth $80,000. Royal Bank of Canada boosted its holdings in shares of Profound Medical by 4.2% in the first quarter. Royal Bank of Canada now owns 493,060 shares of the company’s stock valued at $3,195,000 after acquiring an additional 19,842 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of Profound Medical in the second quarter valued at about $144,000. HB Wealth Management LLC acquired a new position in shares of Profound Medical during the first quarter worth about $194,000. Finally, MMCAP International Inc. SPC increased its stake in shares of Profound Medical by 6.1% during the fourth quarter. MMCAP International Inc. SPC now owns 531,362 shares of the company’s stock worth $4,182,000 after acquiring an additional 30,503 shares during the period. 47.86% of the stock is owned by institutional investors and hedge funds.

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.