Profound Medical (TSE:PRN) Shares Cross Above 50-Day Moving Average - Here's Why

Key Points

• Profound Medical shares crossed above their 50-day moving average, reaching C$9.18 versus the C$8.73 average, on trading volume of 25,086 shares.
• Raymond James upgraded the stock to “strong buy.” Analysts collectively hold a “Moderate Buy” consensus rating with a C$9.18 price target.
• The company remains unprofitable, reporting a quarterly loss of C$0.37 per share, C$3.53 million in revenue, a negative 170.92% net margin, and a projected full-year loss of C$1.90 per share.

Profound Medical Corp. (TSE:PRN - Get Free Report)'s share price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of C$8.73 and traded as high as C$9.18. Profound Medical shares last traded at C$9.18, with a volume of 25,086 shares.

Analyst Ratings Changes

Separately, Raymond James Financial raised shares of Profound Medical from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating, seventeen have issued a Moderate Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Profound Medical has a consensus rating of "Moderate Buy" and a consensus price target of C$9.18.

Profound Medical Stock Performance

The stock has a 50-day moving average of C$8.73 and a 200 day moving average of C$9.28. The company has a debt-to-equity ratio of 14.82, a current ratio of 6.46 and a quick ratio of 14.98. The stock has a market capitalization of C$335.44 million, a price-to-earnings ratio of -9.27 and a beta of 1.50.

Profound Medical (TSE:PRN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported C($0.37) earnings per share for the quarter. Profound Medical had a negative return on equity of 62.45% and a negative net margin of 170.92%. The firm had revenue of C$3.53 million for the quarter. On average, analysts expect that Profound Medical Corp. will post -1.90 EPS for the current year.

Insider Activity at Profound Medical

In other Profound Medical news, insider Thomas Michael Tamberrino acquired 3,755 shares of Profound Medical stock in a transaction on Monday, August 17th. The shares were purchased at an average cost of C$9.44 per share, with a total value of C$35,447.20. Following the completion of the purchase, the insider owned 53,573 shares in the company, valued at C$505,729.12. The trade was a 7.54% increase in their ownership of the stock. Also, insider Richard Ringler Fabian bought 10,000 shares of the stock in a transaction on Thursday, September 17th. The shares were acquired at an average cost of C$8.31 per share, with a total value of C$83,100.00. Following the acquisition, the insider directly owned 10,000 shares in the company, valued at approximately C$83,100. This trade represents a ∞ increase in their position. Corporate insiders own 8.62% of the company's stock.

Profound Medical Company 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.

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