Profound Medical (NASDAQ:PROF) Short Interest Up 19.8% in March

Profound Medical (NASDAQ:PROF) saw a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 1,789,559 shares, an increase of 19.8% from the February 26th total of 1,493,380 shares. Based on an average daily volume of 435,068 shares, the short-interest ratio is presently 4.1 days. Currently, 5.0% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PROF. Lake Street Capital raised their target price on shares of Profound Medical from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Profound Medical in a research note on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $12.00.

Institutional Trading of Profound Medical

A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its stake in Profound Medical by 56.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock worth $147,000 after acquiring an additional 6,787 shares during the last quarter. Corsair Capital Management L.P. acquired a new stake in Profound Medical in the fourth quarter worth $208,000. Millennium Management LLC acquired a new stake in Profound Medical in the fourth quarter worth $211,000. Quadrature Capital Ltd bought a new position in shares of Profound Medical during the fourth quarter worth $256,000. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Profound Medical by 34.3% during the third quarter. TD Waterhouse Canada Inc. now owns 75,293 shares of the company’s stock worth $356,000 after purchasing an additional 19,220 shares in the last quarter. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Profound Medical Stock Up 0.8%

Shares of Profound Medical stock opened at $6.53 on Thursday. The business has a fifty day simple moving average of $6.58 and a 200 day simple moving average of $6.51. The stock has a market cap of $236.97 million, a PE ratio of -4.63 and a beta of 0.71. The company has a quick ratio of 11.17, a current ratio of 12.52 and a debt-to-equity ratio of 0.07. Profound Medical has a 12 month low of $3.76 and a 12 month high of $8.95.

Profound Medical (NASDAQ:PROF) last released its earnings results on Thursday, March 5th. The company reported ($0.27) earnings per share for the quarter, meeting the consensus estimate of ($0.27). Profound Medical had a negative return on equity of 90.28% and a negative net margin of 264.45%.The firm had revenue of $5.98 million for the quarter, compared to analyst estimates of $10.53 million. Research analysts predict that Profound Medical will post -1.12 EPS for the current year.

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.