Short Interest in Profound Medical (NASDAQ:PROF) Expands By 19.8%

Key Points

• Short interest in Profound Medical rose 19.8% in March to 1,789,559 shares (about 5.0% of shares short) and the short-interest ratio is 4.1 days based on average volume.
• Institutional investors own 47.86% of the stock, with notable stake increases from First Eagle (up 138.8%) and Royce & Associates (up 12.4%).
• Analysts are mixed (one Buy, one Sell) with a consensus target of $12 while the stock trades near $6.48 amid negative EPS, a Q revenue miss ($5.98M vs. $10.53M est.), and a market cap of about $235M.

Profound Medical (NASDAQ:PROF - Get Free Report) saw a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 1,789,559 shares, an increase of 19.8% from the February 26th total of 1,493,380 shares. Based on an average trading volume of 435,068 shares, the short-interest ratio is currently 4.1 days. Currently, 5.0% of the shares of the stock are short sold.

Hedge Funds Weigh In On Profound Medical

Institutional investors have recently added to or reduced their stakes in the stock. First Eagle Investment Management LLC boosted its position in Profound Medical by 138.8% in the third quarter. First Eagle Investment Management LLC now owns 291,391 shares of the company's stock valued at $1,451,000 after buying an additional 169,352 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Profound Medical by 12.4% during the third quarter. Royce & Associates LP now owns 859,906 shares of the company's stock worth $4,202,000 after buying an additional 95,000 shares in the last quarter. MMCAP International Inc. SPC lifted its stake in shares of Profound Medical by 2.0% in the 3rd quarter. MMCAP International Inc. SPC now owns 500,859 shares of the company's stock valued at $2,449,000 after acquiring an additional 10,000 shares during the last quarter. TD Waterhouse Canada Inc. boosted its holdings in shares of Profound Medical by 34.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 75,293 shares of the company's stock valued at $356,000 after acquiring an additional 19,220 shares in the last quarter. Finally, Thompson Davis & CO. Inc. boosted its holdings in shares of Profound Medical by 3.3% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 210,495 shares of the company's stock valued at $1,242,000 after acquiring an additional 6,645 shares in the last quarter. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PROF has been the topic of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Profound Medical in a research report on Friday. Lake Street Capital upped their target price on Profound Medical from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Profound Medical has an average rating of "Hold" and a consensus target price of $12.00.

Profound Medical Price Performance

NASDAQ:PROF traded up $0.53 during trading hours on Tuesday, hitting $6.48. The company's stock had a trading volume of 168,412 shares, compared to its average volume of 260,323. Profound Medical has a twelve month low of $3.76 and a twelve month high of $8.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 12.52 and a quick ratio of 11.17. The stock has a fifty day simple moving average of $6.64 and a 200-day simple moving average of $6.49. The company has a market capitalization of $235.16 million, a P/E ratio of -4.60 and a beta of 0.62.

Profound Medical (NASDAQ:PROF - Get Free Report) last issued its earnings results on Thursday, March 5th. The company reported ($0.27) EPS for the quarter, hitting the consensus estimate of ($0.27). The firm had revenue of $5.98 million during the quarter, compared to the consensus estimate of $10.53 million. Profound Medical had a negative return on equity of 90.28% and a negative net margin of 264.45%. On average, analysts anticipate that Profound Medical will post -1.12 EPS for the current fiscal year.

Profound Medical Company Profile

Profound Medical Corp is a medical technology company headquartered in Toronto, Canada, that specializes in the development and commercialization of minimally invasive therapeutic solutions using magnetic resonance–guided ultrasound ablation. The company's proprietary platform delivers focused ultrasound energy to targeted tissue under real-time MR imaging, offering a non-incisional alternative to traditional surgical approaches.

The company's lead product, the TULSA-PRO system, is designed for the treatment of prostate conditions, including localized prostate cancer and benign prostatic hyperplasia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.