Letko Brosseau & Associates Inc. trimmed its holdings in Profound Medical Corp. (NASDAQ:PROF – Free Report) by 0.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,168,275 shares of the company’s stock after selling 3,500 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.05% of Profound Medical worth $14,991,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of PROF. Raymond James Financial Services Advisors Inc. raised its position in shares of Profound Medical by 13.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 581,236 shares of the company’s stock valued at $7,562,000 after buying an additional 68,533 shares during the last quarter. Royal Bank of Canada raised its position in shares of Profound Medical by 22.9% in the first quarter. Royal Bank of Canada now owns 321,701 shares of the company’s stock valued at $2,896,000 after buying an additional 59,998 shares during the last quarter. Gagnon Advisors LLC raised its position in shares of Profound Medical by 4.8% in the second quarter. Gagnon Advisors LLC now owns 679,296 shares of the company’s stock valued at $8,838,000 after buying an additional 30,831 shares during the last quarter. Royce & Associates LP raised its position in shares of Profound Medical by 4.2% in the first quarter. Royce & Associates LP now owns 571,098 shares of the company’s stock valued at $5,295,000 after buying an additional 22,900 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Profound Medical in the first quarter valued at about $162,000. 35.91% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, Raymond James upgraded shares of Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research report on Monday, September 18th.
Profound Medical Trading Up 9.4 %
Profound Medical stock traded up $1.00 during midday trading on Monday, hitting $11.66. 25,855 shares of the stock were exchanged, compared to its average volume of 24,539. Profound Medical Corp. has a fifty-two week low of $4.50 and a fifty-two week high of $15.49. The stock has a market capitalization of $249.13 million, a price-to-earnings ratio of -8.16 and a beta of 0.77. The stock’s 50-day simple moving average is $9.28 and its 200 day simple moving average is $10.94. The company has a current ratio of 9.31, a quick ratio of 7.88 and a debt-to-equity ratio of 0.14.
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.
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