Profound Medical (NASDAQ:PROF) Short Interest Up 19.8% in March

Profound Medical (NASDAQ:PROF) was the recipient of a large increase in short interest during 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 daily volume of 435,068 shares, the days-to-cover ratio is presently 4.1 days. Approximately 5.0% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its holdings in shares of Profound Medical by 56.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock valued at $147,000 after purchasing an additional 6,787 shares during the period. Corsair Capital Management L.P. acquired a new position in Profound Medical in the 4th quarter valued at about $208,000. Millennium Management LLC acquired a new position in Profound Medical in the 4th quarter valued at about $211,000. Quadrature Capital Ltd purchased a new stake in shares of Profound Medical in the 4th quarter valued at approximately $256,000. Finally, T3 Companies LLC purchased a new stake in shares of Profound Medical in the 4th quarter valued at approximately $378,000. Institutional investors and hedge funds own 47.86% of the company’s stock.

Profound Medical Price Performance

NASDAQ:PROF opened at $6.48 on Wednesday. Profound Medical has a one year low of $3.76 and a one year high of $8.95. The stock has a market cap of $235.16 million, a PE ratio of -4.60 and a beta of 0.62. The company has a debt-to-equity ratio of 0.07, a quick ratio of 11.17 and a current ratio of 12.52. The stock has a 50 day moving average price of $6.61 and a 200 day moving average price of $6.51.

Profound Medical (NASDAQ:PROF) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.27) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.27). The company had revenue of $5.98 million for the quarter, compared to analyst estimates of $10.53 million. Profound Medical had a negative return on equity of 90.28% and a negative net margin of 264.45%. Equities research analysts expect that Profound Medical will post -1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Profound Medical in a research report on Friday. Lake Street Capital boosted their price target on shares of Profound Medical from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $12.00.

About Profound Medical

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.