Ring Mountain Capital LLC Buys 51,463 Shares of Profound Medical $PROF

Ring Mountain Capital LLC increased its stake in shares of Profound Medical (NASDAQ:PROF) by 16.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 358,420 shares of the company’s stock after acquiring an additional 51,463 shares during the period. Profound Medical accounts for about 1.2% of Ring Mountain Capital LLC’s holdings, making the stock its 18th largest position. Ring Mountain Capital LLC owned about 1.19% of Profound Medical worth $2,021,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Gagnon Securities LLC increased its holdings in shares of Profound Medical by 3.1% during the 2nd quarter. Gagnon Securities LLC now owns 1,749,913 shares of the company’s stock valued at $10,324,000 after acquiring an additional 52,233 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Profound Medical by 3.5% during the 1st quarter. Royal Bank of Canada now owns 435,997 shares of the company’s stock valued at $2,537,000 after acquiring an additional 14,795 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Profound Medical by 2.0% during the 1st quarter. Raymond James Financial Inc. now owns 892,879 shares of the company’s stock valued at $5,197,000 after acquiring an additional 17,170 shares during the last quarter. Timelo Investment Management Inc. increased its holdings in shares of Profound Medical by 8.7% during the 1st quarter. Timelo Investment Management Inc. now owns 990,995 shares of the company’s stock valued at $5,768,000 after acquiring an additional 79,234 shares during the last quarter. Finally, Thompson Davis & CO. Inc. increased its holdings in shares of Profound Medical by 11.8% during the 1st quarter. Thompson Davis & CO. Inc. now owns 203,850 shares of the company’s stock valued at $1,186,000 after acquiring an additional 21,555 shares during the last quarter. Institutional investors and hedge funds own 47.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Profound Medical in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.00.

Profound Medical Price Performance

Shares of NASDAQ:PROF opened at $5.89 on Wednesday. The business has a 50 day moving average price of $5.14 and a 200 day moving average price of $5.34. Profound Medical has a twelve month low of $3.76 and a twelve month high of $9.17. The company has a market cap of $177.84 million, a price-to-earnings ratio of -4.03 and a beta of 0.66. The company has a quick ratio of 7.07, a current ratio of 8.53 and a debt-to-equity ratio of 0.11.

Profound Medical (NASDAQ:PROF) last announced its earnings results on Thursday, August 14th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.09). Profound Medical had a negative net margin of 343.97% and a negative return on equity of 89.74%. The business had revenue of $2.21 million for the quarter, compared to the consensus estimate of $4.75 million. Research analysts predict that Profound Medical will post -1.12 earnings per share for the current year.

Profound Medical 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.