Pro-Dex (NASDAQ:PDEX) Stock Breaks Below Two Hundred Day Moving Average - What's Next?

Key Points

• Pro-Dex shares fell below their 200-day moving average of $61.25, trading as low as $59.15 before closing at $60.02.
• Analysts remain positive, with ratings including one Strong Buy and two Buys, and a consensus price target of $74.00. The company also exceeded quarterly expectations, reporting $0.87 in EPS versus a $0.67 estimate and revenue of $20.41 million.
• Company insiders sold 22,300 shares worth approximately $1.35 million during the last quarter, while institutional investors own 15.28% of Pro-Dex.

Pro-Dex, Inc. (NASDAQ:PDEX - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $61.25 and traded as low as $59.15. Pro-Dex shares last traded at $60.02, with a volume of 31,867 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PDEX shares. Zacks Research upgraded Pro-Dex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 15th. Weiss Ratings upgraded shares of Pro-Dex from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Finally, Ascendiant Capital Markets boosted their price target on shares of Pro-Dex from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $74.00.

Pro-Dex Stock Up 0.3%

The firm has a 50 day moving average price of $66.27 and a 200-day moving average price of $61.25. The company has a current ratio of 4.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.28. The firm has a market cap of $193.86 million, a PE ratio of 14.53 and a beta of 0.04.

Pro-Dex (NASDAQ:PDEX - Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The medical instruments supplier reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.20. The business had revenue of $20.41 million during the quarter, compared to the consensus estimate of $19.20 million. Pro-Dex had a return on equity of 25.13% and a net margin of 17.62%. Research analysts forecast that Pro-Dex, Inc. will post 3.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Pro-Dex news, CFO Alisha Charlton sold 2,300 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $61.30, for a total transaction of $140,990.00. Following the completion of the transaction, the chief financial officer owned 21,870 shares in the company, valued at $1,340,631. The trade was a 9.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kirk Richard Lee Van, Jr. sold 19,235 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $60.58, for a total transaction of $1,165,256.30. Following the completion of the sale, the chief executive officer directly owned 79,993 shares in the company, valued at approximately $4,845,975.94. This represents a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,300 shares of company stock valued at $1,351,657 in the last quarter. 48.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Pro-Dex

Several institutional investors have recently modified their holdings of the company. Punch & Associates Investment Management Inc. grew its stake in shares of Pro-Dex by 2.9% during the first quarter. Punch & Associates Investment Management Inc. now owns 61,735 shares of the medical instruments supplier's stock worth $3,032,000 after purchasing an additional 1,735 shares in the last quarter. Ellsworth Advisors LLC purchased a new position in Pro-Dex in the third quarter valued at $1,166,000. Bank of New York Mellon Corp acquired a new stake in Pro-Dex in the second quarter valued at $678,000. Corsair Capital Management L.P. acquired a new stake in Pro-Dex in the first quarter valued at $532,000. Finally, Navellier & Associates Inc. acquired a new stake in Pro-Dex in the second quarter valued at $322,000. 15.28% of the stock is owned by hedge funds and other institutional investors.

Pro-Dex Company Profile

Pro-Dex, Inc is a medical device company that designs, develops and manufactures powered surgical instruments and related equipment. Its products are primarily used in orthopedic, dental and other surgical procedures, where precision, reliability and controlled power are important.

The company supplies instruments and components to original equipment manufacturers and other medical device customers. Its capabilities include product design and development, engineering, manufacturing, assembly and related support services.

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