Profound Medical (NASDAQ:PROF) Trading Down 5.3% - Here's What Happened

Profound Medical Corp. (NASDAQ:PROF - Get Free Report)'s share price traded down 5.3% during mid-day trading on Wednesday . The stock traded as low as $6.23 and last traded at $6.25. 394,275 shares traded hands during trading, an increase of 381% from the average session volume of 82,049 shares. The stock had previously closed at $6.60.

Analyst Upgrades and Downgrades

Separately, Raymond James raised shares of Profound Medical to a "strong-buy" rating in a report on Saturday, November 9th.

Profound Medical Price Performance

The stock has a market capitalization of $187.75 million, a PE ratio of -4.66 and a beta of 0.85. The company has a current ratio of 6.12, a quick ratio of 5.16 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average price of $7.47 and a 200-day moving average price of $8.17.

Profound Medical (NASDAQ:PROF - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.38) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.05). The business had revenue of $2.83 million for the quarter, compared to the consensus estimate of $3.30 million. Profound Medical had a negative net margin of 349.41% and a negative return on equity of 85.22%. During the same quarter in the previous year, the business earned ($0.26) earnings per share. Research analysts expect that Profound Medical Corp. will post -1.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Profound Medical

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Trust N.A. increased its stake in Profound Medical by 14.3% in the 3rd quarter. Raymond James Trust N.A. now owns 12,000 shares of the company's stock worth $96,000 after purchasing an additional 1,500 shares during the period. MTM Investment Management LLC grew its holdings in shares of Profound Medical by 10.4% in the fourth quarter. MTM Investment Management LLC now owns 18,575 shares of the company's stock worth $139,000 after purchasing an additional 1,750 shares during the last quarter. K2 Principal Fund L.P. purchased a new position in shares of Profound Medical in the third quarter worth $398,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Profound Medical during the 3rd quarter valued at $612,000. Finally, Thompson Davis & CO. Inc. boosted its position in Profound Medical by 36.2% during the 3rd quarter. Thompson Davis & CO. Inc. now owns 101,900 shares of the company's stock valued at $811,000 after buying an additional 27,100 shares during the period. 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.

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