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 lowered shares of Pro-Dex (NASDAQ:PDEX - Free Report) from a buy rating to a hold rating in a research note released on Saturday.

Separately, Ascendiant Capital Markets increased their price target on Pro-Dex from $54.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th.

Pro-Dex Stock Up 5.0%

NASDAQ PDEX traded up $2.02 on Friday, reaching $42.73. The stock had a trading volume of 33,791 shares, compared to its average volume of 48,891. Pro-Dex has a 1 year low of $19.45 and a 1 year high of $70.26. The business has a 50 day moving average price of $45.05 and a 200 day moving average price of $45.85. The company has a market capitalization of $139.30 million, a price-to-earnings ratio of 15.26 and a beta of 0.19. The company has a current ratio of 2.73, a quick ratio of 1.45 and a debt-to-equity ratio of 0.28.

Institutional Trading of Pro-Dex

A number of institutional investors have recently modified their holdings of PDEX. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Pro-Dex during the second quarter worth $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Pro-Dex in the second quarter valued at approximately $50,000. Bank of America Corp DE grew its stake in Pro-Dex by 173.3% in the second quarter. Bank of America Corp DE now owns 1,692 shares of the medical instruments supplier's stock valued at $74,000 after acquiring an additional 1,073 shares during the period. New York State Common Retirement Fund acquired a new stake in Pro-Dex in the second quarter valued at approximately $105,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Pro-Dex in the 2nd quarter worth about $157,000. 15.28% of the stock is currently owned by institutional investors.

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.