Profound Medical (NASDAQ:PROF) Trading Down 0.1% - Here's What Happened

Profound Medical Corp. (NASDAQ:PROF - Get Free Report) shares were down 0.1% during trading on Friday . The company traded as low as $7.73 and last traded at $7.73. Approximately 2,842 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 39,700 shares. The stock had previously closed at $7.74.

Analyst Ratings Changes

A number of research analysts recently commented on PROF shares. Stifel Nicolaus upgraded Profound Medical from a "hold" rating to a "buy" rating and upped their price objective for the company from $9.00 to $12.00 in a report on Tuesday, July 16th. Lake Street Capital started coverage on Profound Medical in a report on Tuesday, July 23rd. They issued a "buy" rating and a $16.50 price objective on the stock.

Profound Medical Trading Down 0.1 %

The company has a market cap of $190.62 million, a PE ratio of -6.34 and a beta of 0.82. The company has a quick ratio of 7.42, a current ratio of 8.61 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $8.28 and a 200-day simple moving average of $8.48.

Profound Medical (NASDAQ:PROF - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.28). The company had revenue of $2.23 million for the quarter, compared to analyst estimates of $2.50 million. Profound Medical had a negative return on equity of 71.28% and a negative net margin of 350.14%. During the same quarter in the previous year, the company earned ($0.35) earnings per share. On average, analysts predict that Profound Medical Corp. will post -1.11 EPS for the current fiscal year.

Institutional Trading of Profound Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Trust N.A. purchased a new stake in shares of Profound Medical during the second quarter worth $88,000. Thompson Davis & CO. Inc. increased its position in shares of Profound Medical by 9.0% during the second quarter. Thompson Davis & CO. Inc. now owns 74,800 shares of the company's stock worth $628,000 after acquiring an additional 6,150 shares during the period. Finally, Gagnon Advisors LLC increased its position in shares of Profound Medical by 10.0% during the first quarter. Gagnon Advisors LLC now owns 747,226 shares of the company's stock worth $6,374,000 after acquiring an additional 67,930 shares during the period. Hedge funds and other institutional investors own 47.86% of the company's stock.

Profound Medical Company Profile

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.