Profound Medical (NASDAQ:PROF) Research Coverage Started at Lake Street Capital

Lake Street Capital started coverage on shares of Profound Medical (NASDAQ:PROF) in a research note released on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $16.50 price target on the stock.

Separately, Stifel Nicolaus raised shares of Profound Medical from a hold rating to a buy rating and lifted their price objective for the stock from $9.00 to $12.00 in a research note on Tuesday, July 16th.

Profound Medical Price Performance

Shares of NASDAQ:PROF opened at $10.91 on Tuesday. Profound Medical has a one year low of $7.11 and a one year high of $12.98. The company has a 50 day moving average of $8.70 and a 200-day moving average of $8.39. The stock has a market cap of $267.09 million, a price-to-earnings ratio of -8.46 and a beta of 0.84.

Profound Medical (NASDAQ:PROF) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.05. Profound Medical had a negative net margin of 386.63% and a negative return on equity of 70.08%. The company had revenue of $1.91 million during the quarter, compared to analysts’ expectations of $2.40 million. Equities research analysts anticipate that Profound Medical will post -1.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Trust N.A. bought a new position in Profound Medical during the 2nd quarter worth approximately $88,000. Thompson Davis & CO. Inc. lifted its stake in Profound Medical by 9.0% in the second quarter. Thompson Davis & CO. Inc. now owns 74,800 shares of the company’s stock valued at $628,000 after buying an additional 6,150 shares in the last quarter. Gagnon Advisors LLC lifted its stake in Profound Medical by 10.0% in the first quarter. Gagnon Advisors LLC now owns 747,226 shares of the company’s stock valued at $6,374,000 after buying an additional 67,930 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Profound Medical by 0.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 625,465 shares of the company’s stock valued at $5,335,000 after buying an additional 2,913 shares in the last quarter. Finally, Chilton Investment Co. Inc. bought a new position in Profound Medical in the fourth quarter valued at approximately $85,000. Institutional investors own 47.86% of the company’s stock.

About Profound Medical

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.