Pro-Dex (NASDAQ:PDEX) Shares Pass Below 200-Day Moving Average - Here's Why

Key Points

• Pro-Dex shares fell below the 200-day moving average of $45.98, trading as low as $33.35 on Monday.
• Recent analyst ratings include a downgrade from buy to hold by Wall Street Zen, with a consensus rating of "Moderate Buy" and an average target price of $56.00.
• Pro-Dex reported a loss of earnings per share of $0.36, missing estimates by $0.11, and had revenue of $17.49 million in its latest earnings report.

Pro-Dex, Inc. (NASDAQ:PDEX - Get Free Report) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $45.98 and traded as low as $33.35. Pro-Dex shares last traded at $33.84, with a volume of 19,665 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PDEX. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Pro-Dex in a research report on Saturday, September 27th. Wall Street Zen lowered shares of Pro-Dex from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $56.00.

Pro-Dex Stock Down 0.6%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.71 and a current ratio of 3.23. The company has a market cap of $110.39 million, a price-to-earnings ratio of 12.53 and a beta of -0.11. The stock's fifty day moving average is $40.67 and its two-hundred day moving average is $45.98.

Pro-Dex (NASDAQ:PDEX - Get Free Report) last posted its earnings results on Thursday, September 4th. The medical instruments supplier reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.11). Pro-Dex had a return on equity of 26.67% and a net margin of 13.48%.The business had revenue of $17.49 million during the quarter, compared to analyst estimates of $17.90 million. Sell-side analysts predict that Pro-Dex, Inc. will post 2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pro-Dex

Institutional investors and hedge funds have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Pro-Dex in the 2nd quarter worth about $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Pro-Dex in the 2nd quarter valued at about $50,000. Bank of America Corp DE increased its stake 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 valued at $74,000 after buying an additional 1,073 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in Pro-Dex in the 2nd quarter valued at about $105,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Pro-Dex in the 1st quarter valued at about $170,000. Institutional investors and hedge funds 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.

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