Profound Medical (NASDAQ:PROF) Raised to “Strong-Buy” at Raymond James Financial

Profound Medical (NASDAQ:PROF) was upgraded by Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a report issued on Monday, Marketbeat reports. The firm currently has a $11.00 price objective on the stock. Raymond James Financial’s price objective suggests a potential upside of 49.33% from the company’s previous close.

Separately, Weiss Ratings downgraded Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.50.

Profound Medical Stock Performance

NASDAQ PROF traded up $0.11 on Monday, reaching $7.37. The company had a trading volume of 316,997 shares, compared to its average volume of 157,954. The company’s fifty day moving average is $6.82 and its 200-day moving average is $6.84. Profound Medical has a 1-year low of $3.76 and a 1-year high of $8.95. The firm has a market capitalization of $267.68 million, a price-to-earnings ratio of -5.91 and a beta of 0.73.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.05. Profound Medical had a negative net margin of 206.76% and a negative return on equity of 78.88%. The company had revenue of $5.34 million for the quarter, compared to the consensus estimate of $4.85 million. On average, research analysts forecast that Profound Medical will post -0.88 earnings per share for the current year.

Hedge Funds Weigh In On Profound Medical

Institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in Profound Medical by 3.5% during the 1st quarter. Royal Bank of Canada now owns 435,997 shares of the company’s stock worth $2,537,000 after acquiring an additional 14,795 shares during the period. Raymond James Financial Inc. raised its position in shares of Profound Medical by 5.5% in the 2nd quarter. Raymond James Financial Inc. now owns 941,879 shares of the company’s stock valued at $5,557,000 after buying an additional 49,000 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Profound Medical by 14.3% during the 3rd quarter. Bank of America Corp DE now owns 200,160 shares of the company’s stock worth $979,000 after acquiring an additional 24,974 shares during the period. National Bank of Canada FI boosted its position in shares of Profound Medical by 7.3% during the 3rd quarter. National Bank of Canada FI now owns 172,883 shares of the company’s stock worth $845,000 after acquiring an additional 11,704 shares in the last quarter. Finally, Ring Mountain Capital LLC increased its stake in Profound Medical by 15.0% in the fourth quarter. Ring Mountain Capital LLC now owns 454,080 shares of the company’s stock valued at $3,733,000 after acquiring an additional 59,216 shares during the last quarter. 47.86% of the stock is currently owned by institutional investors and hedge funds.

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.