Profound Medical Corp. (NASDAQ:PROF) Sees Large Growth in Short Interest

Profound Medical Corp. (NASDAQ:PROF) saw a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 474,700 shares, an increase of 23.9% from the February 13th total of 383,200 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 90,300 shares, the days-to-cover ratio is currently 5.3 days.

Profound Medical Stock Performance

Shares of PROF opened at $6.81 on Tuesday. Profound Medical has a one year low of $5.63 and a one year high of $11.42. The company has a 50-day moving average of $6.94 and a two-hundred day moving average of $7.47. The stock has a market cap of $204.57 million, a price-to-earnings ratio of -5.08 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.12 and a quick ratio of 5.16.

Profound Medical (NASDAQ:PROF) last announced its earnings results on Thursday, March 6th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.11. Profound Medical had a negative net margin of 349.41% and a negative return on equity of 85.22%. The company had revenue of $4.18 million during the quarter, compared to analysts’ expectations of $5.92 million. On average, equities research analysts expect that Profound Medical will post -1.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Trust N.A. boosted its holdings in shares of Profound Medical by 14.3% in the third quarter. Raymond James Trust N.A. now owns 12,000 shares of the company’s stock worth $96,000 after buying an additional 1,500 shares during the period. MTM Investment Management LLC boosted its holdings in shares of Profound Medical by 10.4% during the fourth quarter. MTM Investment Management LLC now owns 18,575 shares of the company’s stock worth $139,000 after purchasing an additional 1,750 shares during the period. Royce & Associates LP boosted its holdings in shares of Profound Medical by 0.6% during the third quarter. Royce & Associates LP now owns 569,298 shares of the company’s stock worth $4,529,000 after purchasing an additional 3,500 shares during the period. National Bank of Canada FI boosted its holdings in shares of Profound Medical by 3.8% during the fourth quarter. National Bank of Canada FI now owns 126,508 shares of the company’s stock worth $951,000 after purchasing an additional 4,671 shares during the period. Finally, Letko Brosseau & Associates Inc. boosted its holdings in shares of Profound Medical by 1.0% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 1,211,150 shares of the company’s stock worth $8,689,000 after purchasing an additional 12,375 shares during the period. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Profound Medical Company 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.