Raymond James Boosts Profound Medical (NASDAQ:PROF) Price Target to $36.00

Profound Medical (NASDAQ:PROF) had its price target lifted by equities research analysts at Raymond James from $34.00 to $36.00 in a report released on Tuesday, BayStreet.CA reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ price objective indicates a potential upside of 98.02% from the company’s previous close.

PROF has been the topic of several other reports. Lake Street Capital lifted their target price on Profound Medical from $27.00 to $32.00 in a research report on Monday, January 25th. Leede Jones Gab reissued a “buy” rating on shares of Profound Medical in a report on Thursday, March 4th. Alliance Global Partners raised their price target on Profound Medical from $20.25 to $28.25 and gave the company a “buy” rating in a report on Thursday, January 7th. Finally, Zacks Investment Research raised Profound Medical from a “sell” rating to a “hold” rating in a report on Tuesday, March 2nd. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $27.56.

Shares of PROF stock traded up $0.49 on Tuesday, reaching $18.18. The stock had a trading volume of 4,414 shares, compared to its average volume of 79,468. The stock has a market cap of $369.78 million, a P/E ratio of -15.49 and a beta of 1.45. The company has a 50 day simple moving average of $20.19 and a 200 day simple moving average of $21.50. Profound Medical has a 1 year low of $11.06 and a 1 year high of $28.97.

Profound Medical (NASDAQ:PROF) last released its earnings results on Tuesday, March 2nd. The company reported ($0.38) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.27) by ($0.11). The company had revenue of $2.88 million for the quarter, compared to analysts’ expectations of $3.03 million. Profound Medical had a negative net margin of 275.12% and a negative return on equity of 33.69%. As a group, sell-side analysts predict that Profound Medical will post -1.14 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Navis Wealth Advisors LLC bought a new stake in shares of Profound Medical in the fourth quarter worth about $49,000. SOA Wealth Advisors LLC. bought a new stake in shares of Profound Medical in the fourth quarter worth about $109,000. Captrust Financial Advisors bought a new stake in shares of Profound Medical in the fourth quarter worth about $125,000. CIBC World Markets Inc. bought a new stake in shares of Profound Medical in the fourth quarter worth about $310,000. Finally, Wealth Management Partners LLC bought a new stake in shares of Profound Medical in the fourth quarter worth about $554,000. 35.90% of the stock is currently owned by hedge funds and other institutional investors.

About Profound Medical

Profound Medical Corp., together with its subsidiaries, operates as a medical technology company that develops magnetic resonance guided ablation procedures for treatment of prostate disease, uterine fibroids, and palliative pain treatment in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system used for magnetic resonance imaging scanner in hospitals and treatment facilities.

Further Reading: Limitations of the P/E Growth ratio

Analyst Recommendations for Profound Medical (NASDAQ:PROF)

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