MMCAP International Inc. SPC Increases Stake in Profound Medical $PROF

MMCAP International Inc. SPC grew its position in Profound Medical (NASDAQ:PROF) by 2.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 490,859 shares of the company’s stock after buying an additional 10,000 shares during the period. MMCAP International Inc. SPC owned approximately 1.63% of Profound Medical worth $2,896,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new stake in shares of Profound Medical during the first quarter valued at approximately $64,000. First Eagle Investment Management LLC bought a new position in Profound Medical in the 2nd quarter valued at approximately $720,000. National Bank of Canada FI boosted its stake in Profound Medical by 8.4% during the 1st quarter. National Bank of Canada FI now owns 137,126 shares of the company’s stock valued at $798,000 after purchasing an additional 10,618 shares during the last quarter. Thompson Davis & CO. Inc. increased its holdings in shares of Profound Medical by 11.8% in the 1st quarter. Thompson Davis & CO. Inc. now owns 203,850 shares of the company’s stock worth $1,186,000 after purchasing an additional 21,555 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its holdings in shares of Profound Medical by 1.3% in the 1st quarter. Picton Mahoney Asset Management now owns 253,354 shares of the company’s stock worth $1,474,000 after purchasing an additional 3,354 shares in the last quarter. Hedge funds and other institutional investors own 47.86% of the company’s stock.

Profound Medical Stock Up 2.2%

Shares of PROF stock opened at $5.98 on Friday. The company has a current ratio of 8.53, a quick ratio of 7.07 and a debt-to-equity ratio of 0.11. Profound Medical has a 12 month low of $3.76 and a 12 month high of $9.17. The stock has a market cap of $180.56 million, a P/E ratio of -4.10 and a beta of 0.67. The company has a 50 day simple moving average of $5.22 and a two-hundred day simple moving average of $5.36.

Profound Medical (NASDAQ:PROF) last issued its quarterly 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). The business had revenue of $2.21 million for the quarter, compared to analysts’ expectations of $4.75 million. Profound Medical had a negative return on equity of 89.74% and a negative net margin of 343.97%. On average, research analysts expect that Profound Medical will post -1.12 earnings per share for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed 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 assigned a Sell rating to the company. According to MarketBeat, Profound Medical has an average rating of “Hold” and an average price target of $11.00.

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.