Gagnon Securities LLC Boosts Stake in Profound Medical $PROF

Key Points

• Gagnon Securities LLC has increased its stake in Profound Medical by 3.1%, now owning approximately 1.75 million shares worth about $10.32 million, making it the firm's 21st largest holding.
• Profound Medical reported quarterly earnings with a loss of ($0.52) per share, falling short of analysts' expectations and generating revenues of $2.21 million, significantly below the estimated $4.75 million.
• The company's stock has a market cap of $194.58 million, with a 52-week price range between $3.76 and $9.17, and analysts have a consensus target price of $11.00, indicating potential upside.

Gagnon Securities LLC raised its position in Profound Medical (NASDAQ:PROF - Free Report) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,749,913 shares of the company's stock after buying an additional 52,233 shares during the period. Profound Medical makes up about 2.1% of Gagnon Securities LLC's holdings, making the stock its 21st biggest holding. Gagnon Securities LLC owned approximately 5.82% of Profound Medical worth $10,324,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Timelo Investment Management Inc. raised its stake in shares of Profound Medical by 8.7% in the 1st quarter. Timelo Investment Management Inc. now owns 990,995 shares of the company's stock valued at $5,768,000 after purchasing an additional 79,234 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Profound Medical by 8.4% in the 1st quarter. National Bank of Canada FI now owns 137,126 shares of the company's stock valued at $798,000 after purchasing an additional 10,618 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Profound Medical in the 1st quarter valued at about $64,000. Ring Mountain Capital LLC raised its stake in shares of Profound Medical by 10.5% in the 1st quarter. Ring Mountain Capital LLC now owns 306,957 shares of the company's stock valued at $1,786,000 after purchasing an additional 29,098 shares in the last quarter. Finally, Thompson Davis & CO. Inc. raised its stake in shares of Profound Medical by 11.8% in the 1st quarter. Thompson Davis & CO. Inc. now owns 203,850 shares of the company's stock valued at $1,186,000 after purchasing an additional 21,555 shares in the last quarter. 47.86% of the stock is owned by hedge funds and other institutional investors.

Profound Medical Price Performance

PROF opened at $6.46 on Wednesday. The firm has a market cap of $194.58 million, a price-to-earnings ratio of -4.42 and a beta of 0.66. Profound Medical has a fifty-two week low of $3.76 and a fifty-two week high of $9.17. The company's 50-day moving average price is $4.85 and its 200 day moving average price is $5.25. The company has a quick ratio of 7.07, a current ratio of 8.53 and a debt-to-equity ratio of 0.11.

Profound Medical (NASDAQ:PROF - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.09). The business had revenue of $2.21 million for the quarter, compared to analyst estimates of $4.75 million. Profound Medical had a negative return on equity of 89.74% and a negative net margin of 343.97%. As a group, sell-side analysts expect that Profound Medical will post -1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "sell (e+)" rating on shares of Profound Medical in a research note on Saturday, September 27th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Profound Medical has an average rating of "Hold" and a consensus target price of $11.00.

About Profound Medical

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.

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