Raymond James Financial Inc. Takes Position in Profound Medical Corp. (NASDAQ:PROF)

Raymond James Financial Inc. acquired a new stake in shares of Profound Medical Corp. (NASDAQ:PROF - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 875,709 shares of the company's stock, valued at approximately $6,577,000. Raymond James Financial Inc. owned approximately 2.92% of Profound Medical as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PROF. Gagnon Securities LLC grew its stake in shares of Profound Medical by 12.6% during the 4th quarter. Gagnon Securities LLC now owns 1,652,531 shares of the company's stock valued at $12,411,000 after acquiring an additional 185,284 shares during the period. Gagnon Advisors LLC lifted its stake in shares of Profound Medical by 20.0% during the fourth quarter. Gagnon Advisors LLC now owns 896,671 shares of the company's stock worth $6,734,000 after buying an additional 149,445 shares during the period. Truist Financial Corp purchased a new position in shares of Profound Medical during the 4th quarter valued at about $376,000. Ring Mountain Capital LLC purchased a new position in Profound Medical during the fourth quarter worth approximately $2,087,000. Finally, Vestcor Inc purchased a new stake in shares of Profound Medical during the fourth quarter worth approximately $376,000. Hedge funds and other institutional investors own 47.86% of the company's stock.

Profound Medical Stock Up 2.8 %

Shares of NASDAQ PROF traded up $0.14 during trading on Tuesday, reaching $4.88. 30,021 shares of the stock were exchanged, compared to its average volume of 58,170. The company has a quick ratio of 5.16, a current ratio of 6.12 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $146.45 million, a price-to-earnings ratio of -3.64 and a beta of 0.68. Profound Medical Corp. has a twelve month low of $3.90 and a twelve month high of $11.42. The business's 50-day moving average price is $5.98 and its 200 day moving average price is $6.89.

Profound Medical (NASDAQ:PROF - Get Free Report) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.11. The company had revenue of $4.18 million during the quarter, compared to the consensus estimate of $5.92 million. Profound Medical had a negative return on equity of 85.22% and a negative net margin of 349.41%. As a group, equities analysts forecast that Profound Medical Corp. will post -1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Lake Street Capital dropped their price objective on shares of Profound Medical from $17.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd.

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.