Pro-Dex (NASDAQ:PDEX) Downgraded by Wall Street Zen to Hold

Key Points

• Pro-Dex was downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, reflecting a change in analyst sentiment towards the stock.
• Ascendiant Capital Markets has increased its target price for Pro-Dex from $54.00 to $56.00, maintaining a "buy" rating.
• Institutional investors have been actively buying into Pro-Dex, with significant increases in holdings observed from major firms like Geode Capital Management and JPMorgan Chase & Co..

Wall Street Zen downgraded shares of Pro-Dex (NASDAQ:PDEX - Free Report) from a buy rating to a hold rating in a report released on Saturday morning.

Separately, Ascendiant Capital Markets increased their price objective on shares of Pro-Dex from $54.00 to $56.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $56.00.

Pro-Dex Price Performance

Shares of PDEX traded up $0.82 during midday trading on Friday, hitting $44.74. 13,852 shares of the company traded hands, compared to its average volume of 49,105. The firm has a 50 day moving average of $45.20 and a 200-day moving average of $45.87. Pro-Dex has a 52 week low of $19.80 and a 52 week high of $70.26. The stock has a market cap of $145.85 million, a price-to-earnings ratio of 15.98 and a beta of 0.19. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.45 and a current ratio of 2.73.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. American Century Companies Inc. raised its position in Pro-Dex by 3.0% in the 1st quarter. American Century Companies Inc. now owns 12,301 shares of the medical instruments supplier's stock worth $610,000 after purchasing an additional 355 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Pro-Dex in the 2nd quarter worth about $28,000. Bank of America Corp DE raised its position in Pro-Dex by 173.3% in the 2nd quarter. Bank of America Corp DE now owns 1,692 shares of the medical instruments supplier's stock worth $74,000 after purchasing an additional 1,073 shares during the period. Renaissance Technologies LLC raised its position in Pro-Dex by 8.1% in the 4th quarter. Renaissance Technologies LLC now owns 14,740 shares of the medical instruments supplier's stock worth $689,000 after purchasing an additional 1,100 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Pro-Dex in the 2nd quarter worth about $50,000. Institutional investors own 15.28% of the company's stock.

About Pro-Dex

Pro-Dex, Inc designs, develops, manufactures, and sells powered surgical instruments for medical device original equipment manufacturers worldwide. The company offers autoclavable, battery-powered and electric, and multi-function surgical drivers and shavers that are primarily used in the orthopedic, thoracic, and craniomaxillofacial markets.