Profound Medical (NASDAQ:PROF) Shares Sold by Altium Capital Management LLC

Key Points

• Altium Capital Management LLC reduced its stake in Profound Medical by 25.7%, selling 124,411 shares during the 1st quarter, leaving them with a total of 360,589 shares.
• CEO Arun Swarup Menawat purchased 12,027 shares at an average cost of $4.73 per share, increasing his ownership of the company to 587,089 shares.
• Analysts have lowered price targets for Profound Medical, with Lake Street Capital adjusting their target from $17.00 to $11.00 and Raymond James modifying their rating from "strong-buy" to "moderate buy".

Altium Capital Management LLC lessened its stake in shares of Profound Medical (NASDAQ:PROF - Free Report) by 25.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 360,589 shares of the company's stock after selling 124,411 shares during the quarter. Profound Medical accounts for 5.1% of Altium Capital Management LLC's investment portfolio, making the stock its 7th biggest position. Altium Capital Management LLC owned 1.20% of Profound Medical worth $2,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in shares of Profound Medical during the first quarter worth about $64,000. XTX Topco Ltd purchased a new stake in shares of Profound Medical during the fourth quarter worth about $114,000. Marshall Wace LLP increased its position in shares of Profound Medical by 201.6% during the fourth quarter. Marshall Wace LLP now owns 36,216 shares of the company's stock worth $272,000 after acquiring an additional 24,208 shares during the last quarter. AYAL Capital Advisors Ltd purchased a new stake in shares of Profound Medical during the fourth quarter worth about $376,000. Finally, Maven Securities LTD purchased a new stake in shares of Profound Medical during the fourth quarter worth about $376,000. Institutional investors and hedge funds own 47.86% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PROF shares. Lake Street Capital dropped their target price on Profound Medical from $17.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Raymond James Financial lowered Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 9th.

Profound Medical Stock Down 23.3%

Profound Medical stock traded down $1.29 during midday trading on Friday, hitting $4.25. The stock had a trading volume of 613,265 shares, compared to its average volume of 23,901. The company has a current ratio of 11.31, a quick ratio of 10.03 and a debt-to-equity ratio of 0.09. The stock has a market cap of $127.73 million, a P/E ratio of -2.91 and a beta of 0.52. Profound Medical has a 12 month low of $3.89 and a 12 month high of $9.87. The business has a fifty day moving average price of $5.91 and a 200 day moving average price of $5.80.

Profound Medical (NASDAQ:PROF - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.09). The company had revenue of $2.21 million for the quarter, compared to the consensus estimate of $4.75 million. Profound Medical had a negative net margin of 343.97% and a negative return on equity of 85.88%. Research analysts predict that Profound Medical will post -1.12 EPS for the current year.

Profound Medical 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.