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 lowered its position in Profound Medical (NASDAQ:PROF - Free Report) by 25.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 360,589 shares of the company's stock after selling 124,411 shares during the period. Profound Medical makes up about 5.1% of Altium Capital Management LLC's portfolio, making the stock its 7th largest position. Altium Capital Management LLC owned approximately 1.20% of Profound Medical worth $2,099,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new position in Profound Medical in the fourth quarter worth $6,577,000. Formula Growth Ltd. purchased a new position in Profound Medical in the fourth quarter worth $1,878,000. Stonepine Capital Management LLC purchased a new position in Profound Medical in the fourth quarter worth $1,502,000. Alyeska Investment Group L.P. purchased a new position in Profound Medical in the fourth quarter worth $1,202,000. Finally, Timelo Investment Management Inc. grew its holdings in Profound Medical by 21.3% in the fourth quarter. Timelo Investment Management Inc. now owns 911,761 shares of the company's stock worth $6,847,000 after purchasing an additional 159,954 shares during the last quarter. Hedge funds and other institutional investors own 47.86% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Profound Medical

In other Profound Medical news, CEO Arun Swarup Menawat bought 12,027 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $4.73 per share, for a total transaction of $56,887.71. Following the completion of the transaction, the chief executive officer directly owned 587,089 shares of the company's stock, valued at approximately $2,776,930.97. This trade represents a 2.09% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.52% of the stock is owned by corporate insiders.

Profound Medical Stock Performance

Shares of PROF traded up $0.09 during trading hours on Thursday, reaching $5.54. 40,532 shares of the company traded hands, compared to its average volume of 23,879. The stock has a market capitalization of $166.48 million, a P/E ratio of -4.54 and a beta of 0.52. The company has a quick ratio of 10.03, a current ratio of 11.31 and a debt-to-equity ratio of 0.09. 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 $5.93 and a 200-day moving average price of $5.82.

Profound Medical (NASDAQ:PROF - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.09). Profound Medical had a negative net margin of 269.35% and a negative return on equity of 70.41%. Equities analysts anticipate that Profound Medical will post -1.12 EPS for the current fiscal 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.