Profound Medical $PROF Stake Increased by Timelo Investment Management Inc.

Key Points

• Timelo Investment Management Inc. increased its position in Profound Medical by 8.7%, owning a total of 990,995 shares, making it 17% of their holdings.
• Profound Medical reported a net loss of $0.52 EPS for the quarter, missing estimates, with revenues falling short at $2.21 million compared to expected $4.75 million.
• Analysts have downgraded their target price for Profound Medical, with Lake Street Capital lowering it from $17.00 to $11.00 while maintaining a "buy" rating.

Timelo Investment Management Inc. boosted its position in Profound Medical (NASDAQ:PROF - Free Report) by 8.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 990,995 shares of the company's stock after purchasing an additional 79,234 shares during the period. Profound Medical comprises 17.0% of Timelo Investment Management Inc.'s investment portfolio, making the stock its 2nd biggest position. Timelo Investment Management Inc. owned approximately 3.30% of Profound Medical worth $5,768,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its position in shares of Profound Medical by 1.3% during the 1st quarter. Picton Mahoney Asset Management now owns 253,354 shares of the company's stock valued at $1,474,000 after acquiring an additional 3,354 shares during the period. National Bank of Canada FI lifted its stake in shares of Profound Medical by 8.4% during the 1st quarter. National Bank of Canada FI now owns 137,126 shares of the company's stock valued at $798,000 after buying an additional 10,618 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Profound Medical during the 1st quarter valued at approximately $64,000. Letko Brosseau & Associates Inc. lifted its stake in shares of Profound Medical by 1.0% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 1,211,150 shares of the company's stock valued at $8,689,000 after buying an additional 12,375 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Profound Medical during the 4th quarter valued at approximately $114,000. 47.86% of the stock is owned by institutional investors.

Profound Medical Price Performance

NASDAQ PROF traded up $0.0150 on Thursday, hitting $4.6550. The stock had a trading volume of 34,164 shares, compared to its average volume of 79,411. The firm has a 50-day moving average of $5.80 and a 200-day moving average of $5.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 10.03 and a current ratio of 8.53. The company has a market capitalization of $139.88 million, a price-to-earnings ratio of -3.22 and a beta of 0.52. Profound Medical has a 52-week low of $3.89 and a 52-week high of $9.71.

Profound Medical (NASDAQ:PROF - Get Free Report) last posted 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 company had revenue of $2.21 million for the quarter, compared to analysts' expectations of $4.75 million. Profound Medical had a negative net margin of 343.97% and a negative return on equity of 89.74%. Equities analysts expect that Profound Medical will post -1.12 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on PROF. Raymond James Financial cut shares of Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 9th. Lake Street Capital dropped their price target on shares of Profound Medical from $17.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average 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.