Formula Growth Ltd. Invests $1.88 Million in Profound Medical Corp. (NASDAQ:PROF)

Formula Growth Ltd. acquired a new position in Profound Medical Corp. (NASDAQ:PROF) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 250,000 shares of the company’s stock, valued at approximately $1,878,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in Profound Medical during the fourth quarter worth $6,577,000. Magnetar Financial LLC bought a new stake in shares of Profound Medical in the 4th quarter valued at about $3,826,000. MMCAP International Inc. SPC bought a new stake in Profound Medical in the fourth quarter valued at approximately $3,680,000. Altium Capital Management LLC bought a new stake in shares of Profound Medical in the 4th quarter valued at $3,642,000. Finally, Ring Mountain Capital LLC acquired a new stake in Profound Medical during the 4th quarter worth about $2,087,000. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Profound Medical Trading Up 1.3 %

Shares of PROF stock opened at $4.78 on Friday. The stock has a 50 day simple moving average of $6.21 and a two-hundred day simple moving average of $7.03. The company has a market cap of $143.59 million, a P/E ratio of -3.57 and a beta of 0.68. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.16 and a current ratio of 6.12. Profound Medical Corp. has a fifty-two week low of $3.90 and a fifty-two week high of $11.42.

Profound Medical (NASDAQ:PROF) last issued its earnings results on Thursday, March 6th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.11. Profound Medical had a negative return on equity of 85.22% and a negative net margin of 349.41%. The business had revenue of $4.18 million during the quarter, compared to analyst estimates of $5.92 million. Research analysts forecast that Profound Medical Corp. will post -1.12 earnings per share for the current year.

Profound Medical Company Profile

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.