Research Analysts Set Expectations for Profound Medical Corp.’s Q1 2023 Earnings (NASDAQ:PROF)

Profound Medical Corp. (NASDAQ:PROF – Get Rating) – Equities research analysts at Raymond James issued their Q1 2023 earnings per share estimates for shares of Profound Medical in a research note issued on Wednesday, March 8th. Raymond James analyst R. Sarugaser anticipates that the company will post earnings of ($0.38) per share for the quarter. Raymond James has a “Strong-Buy” rating and a $17.00 price target on the stock. The consensus estimate for Profound Medical’s current full-year earnings is ($1.16) per share. Raymond James also issued estimates for Profound Medical’s Q2 2023 earnings at ($0.37) EPS, Q3 2023 earnings at ($0.36) EPS, Q4 2023 earnings at ($0.30) EPS, FY2023 earnings at ($1.40) EPS, Q1 2024 earnings at ($0.35) EPS, Q2 2024 earnings at ($0.34) EPS, Q3 2024 earnings at ($0.33) EPS, Q4 2024 earnings at ($0.31) EPS and FY2024 earnings at ($1.33) EPS.

Separately, Lake Street Capital boosted their price target on shares of Profound Medical from $7.00 to $14.00 in a research report on Friday, January 6th.

Profound Medical Price Performance

Profound Medical stock opened at $10.50 on Monday. The firm has a market cap of $219.24 million, a P/E ratio of -7.61 and a beta of 0.84. The stock’s 50 day moving average is $12.12 and its 200 day moving average is $7.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 14.82 and a quick ratio of 15.11. Profound Medical has a one year low of $3.10 and a one year high of $13.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Gagnon Securities LLC lifted its position in shares of Profound Medical by 33.1% in the 3rd quarter. Gagnon Securities LLC now owns 1,766,855 shares of the company’s stock worth $7,131,000 after purchasing an additional 439,323 shares during the period. Crestwood Advisors Group LLC increased its stake in shares of Profound Medical by 28.2% in the 3rd quarter. Crestwood Advisors Group LLC now owns 22,700 shares of the company’s stock valued at $92,000 after acquiring an additional 5,000 shares in the last quarter. Gagnon Advisors LLC increased its stake in shares of Profound Medical by 47.0% in the 3rd quarter. Gagnon Advisors LLC now owns 648,465 shares of the company’s stock valued at $2,620,000 after acquiring an additional 207,409 shares in the last quarter. Zweig DiMenna Associates LLC increased its stake in shares of Profound Medical by 3.7% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 265,667 shares of the company’s stock valued at $1,073,000 after acquiring an additional 9,500 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in shares of Profound Medical by 657.7% in the 3rd quarter. National Bank of Canada FI now owns 896,728 shares of the company’s stock valued at $3,736,000 after acquiring an additional 778,386 shares in the last quarter. Institutional investors and hedge funds own 48.85% of the company’s stock.

About Profound Medical

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Profound Medical Corp. develops, manufactures and markets therapeutic platforms that combine real-time magnetic resonance imaging with directional and focused ultrasound technology for incision-free ablation of diseased tissue. The firm’s platforms offer clinicians and patients incision-free alternatives to current standards of care, which could include traditional surgery or radiation therapy.