Profound Medical (NASDAQ:PROF) Shares Cross Above Fifty Day Moving Average – Should You Sell?

Profound Medical (NASDAQ:PROF)’s stock price crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $6.23 and traded as high as $6.63. Profound Medical shares last traded at $6.57, with a volume of 475,434 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PROF. Wall Street Zen upgraded Profound Medical from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. Weiss Ratings downgraded Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 23rd. Finally, Raymond James Financial upgraded Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $11.00 price target for the company in a research report on Monday, July 27th. 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $11.50.

Profound Medical Trading Up 12.1%

The stock’s 50 day moving average price is $6.23 and its 200 day moving average price is $6.69. The firm has a market cap of $240.20 million, a PE ratio of -6.70 and a beta of 0.75.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.04). Profound Medical had a negative net margin of 171.57% and a negative return on equity of 63.03%. The firm had revenue of $2.48 million during the quarter, compared to analyst estimates of $4.75 million. Analysts forecast that Profound Medical will post -0.79 earnings per share for the current year.

Institutional Investors Weigh In On Profound Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Concurrent Investment Advisors LLC bought a new position in Profound Medical in the 2nd quarter worth about $144,000. Royal Bank of Canada boosted its position in shares of Profound Medical by 4.2% during the first quarter. Royal Bank of Canada now owns 493,060 shares of the company’s stock worth $3,195,000 after acquiring an additional 19,842 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Profound Medical during the 1st quarter valued at $259,000. Finally, HB Wealth Management LLC purchased a new stake in Profound Medical in the 1st quarter valued at about $194,000. 47.86% of the stock is owned by institutional investors.

Profound Medical Company Profile

Profound Medical Corp. is a medical-technology company focused on developing and commercializing minimally invasive, incision-free treatments for prostate disease. The company’s flagship platform, TULSA-PRO, combines magnetic resonance imaging (MRI) with robotic-controlled transurethral ultrasound to ablate targeted prostate tissue while enabling physicians to monitor treatment in real time.

TULSA-PRO is primarily used for the treatment of localized prostate cancer and other prostate conditions, including benign prostatic hyperplasia.