Profound Medical (NASDAQ:PROF) Downgraded by Wall Street Zen to “Sell”

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

PROF has been the topic of several other research reports. 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 price target for the company in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Profound Medical currently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Profound Medical Price Performance

Profound Medical stock opened at $5.97 on Friday. The company has a market capitalization of $218.08 million, a PE ratio of -6.09 and a beta of 0.72. Profound Medical has a one year low of $3.90 and a one year high of $8.95. The business has a 50 day simple moving average of $7.05 and a 200 day simple moving average of $6.74.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $4.75 million. Equities analysts anticipate that Profound Medical will post -0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Profound Medical

Institutional investors have recently bought and sold shares of the business. Penbrook Management LLC acquired a new position in Profound Medical in the first quarter worth $80,000. Concurrent Investment Advisors LLC acquired a new stake in shares of Profound Medical in the second quarter valued at $144,000. Goldman Sachs Group Inc. increased its stake in shares of Profound Medical by 56.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock valued at $147,000 after buying an additional 6,787 shares in the last quarter. HB Wealth Management LLC bought a new position in shares of Profound Medical in the first quarter valued at about $194,000. Finally, Corsair Capital Management L.P. bought a new position in shares of Profound Medical in the fourth quarter valued at about $208,000. Institutional investors own 47.86% of the company’s stock.

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.