Profound Medical (NASDAQ:PROF) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Profound Medical from “Hold” to “Sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $11.50.
• Profound Medical’s shares opened at $5.97, below their 50-day and 200-day moving averages, and have traded between $3.90 and $8.95 over the past year.
• The company reported weaker-than-expected quarterly results, including an adjusted loss of $0.26 per share versus the $0.22 expected and revenue of $2.48 million versus estimates of $4.75 million.

Profound Medical (NASDAQ:PROF - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently commented on PROF. Weiss Ratings downgraded shares of Profound Medical from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 12th. Raymond James Financial upgraded shares of Profound Medical from an "outperform" rating to a "strong-buy" rating and set a $11.00 target price for the company in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $11.50.

Profound Medical Stock Up 0.2%

PROF opened at $5.97 on Friday. Profound Medical has a 12-month low of $3.90 and a 12-month high of $8.95. The business has a 50 day moving average of $7.05 and a 200-day moving average of $6.74. The stock has a market cap of $218.10 million, a price-to-earnings ratio of -6.09 and a beta of 0.72.

Profound Medical (NASDAQ:PROF - Get Free Report) last posted its 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 return on equity of 63.03% and a negative net margin of 171.57%.The business had revenue of $2.48 million for the quarter, compared to analyst estimates of $4.75 million. As a group, analysts expect that Profound Medical will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On Profound Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in shares of Profound Medical by 3.5% in the first quarter. Royal Bank of Canada now owns 435,997 shares of the company's stock valued at $2,537,000 after acquiring an additional 14,795 shares in the last quarter. Raymond James Financial Inc. raised its stake in Profound Medical by 5.5% in the 2nd quarter. Raymond James Financial Inc. now owns 941,879 shares of the company's stock worth $5,557,000 after purchasing an additional 49,000 shares in the last quarter. Bank of America Corp DE raised its stake in Profound Medical by 14.3% in the 3rd quarter. Bank of America Corp DE now owns 200,160 shares of the company's stock worth $979,000 after purchasing an additional 24,974 shares in the last quarter. National Bank of Canada FI boosted its holdings in Profound Medical by 7.3% in the 3rd quarter. National Bank of Canada FI now owns 172,883 shares of the company's stock valued at $845,000 after purchasing an additional 11,704 shares during the period. Finally, Legato Capital Management LLC bought a new stake in Profound Medical in the 4th quarter valued at about $784,000. Institutional investors and hedge funds own 47.86% of the company's stock.

Profound Medical Company Profile

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.

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