Profound Medical (NASDAQ:PROF) Stock Price Up 2% - Here's What Happened

Key Points

• Profound Medical's stock price increased by 2%, closing at $5.22 after trading as high as $5.29.
• The company reported (-$0.52) earnings per share for the last quarter, missing analyst expectations of (-$0.43), with revenues also falling short at $2.21 million compared to estimates of $4.75 million.
• Several institutional investors have increased their holdings in Profound Medical, with 47.86% of the company's shares now owned by hedge funds and other large investors.

Shares of Profound Medical (NASDAQ:PROF - Get Free Report) rose 2% during trading on Friday . The stock traded as high as $5.29 and last traded at $5.22. Approximately 60,266 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 145,421 shares. The stock had previously closed at $5.12.

Profound Medical Stock Performance

The company's fifty day moving average price is $4.89 and its 200 day moving average price is $5.34. The company has a market cap of $157.23 million, a PE ratio of -3.58 and a beta of 0.55. The company has a debt-to-equity ratio of 0.11, a current ratio of 8.53 and a quick ratio of 7.07.

Profound Medical (NASDAQ:PROF - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.09). The firm had revenue of $2.21 million during the quarter, compared to analysts' expectations of $4.75 million. Profound Medical had a negative net margin of 343.97% and a negative return on equity of 89.74%. On average, equities research analysts predict that Profound Medical will post -1.12 earnings per share for the current year.

Institutional Trading of Profound Medical

A number of large investors have recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management lifted its position in shares of Profound Medical by 1.3% during the first quarter. Picton Mahoney Asset Management now owns 253,354 shares of the company's stock worth $1,474,000 after acquiring an additional 3,354 shares in the last quarter. Thompson Davis & CO. Inc. lifted its position in shares of Profound Medical by 3.3% during the second quarter. Thompson Davis & CO. Inc. now owns 210,495 shares of the company's stock worth $1,242,000 after acquiring an additional 6,645 shares in the last quarter. MMCAP International Inc. SPC lifted its position in shares of Profound Medical by 2.1% during the second quarter. MMCAP International Inc. SPC now owns 490,859 shares of the company's stock worth $2,896,000 after acquiring an additional 10,000 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Profound Medical by 8.4% during the first quarter. National Bank of Canada FI now owns 137,126 shares of the company's stock worth $798,000 after acquiring an additional 10,618 shares in the last quarter. Finally, PNC Financial Services Group Inc. purchased a new stake in shares of Profound Medical during the first quarter worth $64,000. Hedge funds and other institutional investors own 47.86% of the company's stock.

About Profound Medical

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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