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

Shares of Profound Medical (NASDAQ:PROF) 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 traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PROF shares. Raymond James Financial raised shares of Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $11.00 target price on the stock in a research note on Monday, July 27th. Wall Street Zen raised shares of Profound Medical from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Weiss Ratings lowered Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 23rd. One research 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. Based on data from MarketBeat, Profound Medical currently has an average rating of “Moderate Buy” and an average price target of $11.50.

Profound Medical Price Performance

The stock has a market cap of $240.21 million, a price-to-earnings ratio of -6.70 and a beta of 0.75. The stock’s 50-day moving average is $6.23 and its 200 day moving average is $6.69.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.48 million during the quarter, compared to analysts’ expectations of $4.75 million. Analysts anticipate that Profound Medical will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Profound Medical

Hedge funds have recently made changes to their positions in the stock. Concurrent Investment Advisors LLC purchased a new stake in shares of Profound Medical during the 2nd quarter valued at $144,000. HB Wealth Management LLC acquired a new stake in shares of Profound Medical during the 1st quarter worth $194,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Profound Medical in the 1st quarter worth $259,000. Finally, Royal Bank of Canada raised its position in shares of Profound Medical by 4.2% in the 1st quarter. Royal Bank of Canada now owns 493,060 shares of the company’s stock worth $3,195,000 after buying an additional 19,842 shares during the period. Institutional investors and hedge funds own 47.86% of the company’s stock.

About Profound Medical

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.