Short Interest in Pro-Dex, Inc. (NASDAQ:PDEX) Drops By 21.8%

Pro-Dex, Inc. (NASDAQ:PDEX) was the target of a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 16,900 shares, a decline of 21.8% from the February 13th total of 21,600 shares. Based on an average daily volume of 30,900 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.8% of the company’s shares are sold short.

Pro-Dex Trading Down 1.0 %

Shares of NASDAQ PDEX traded down $0.51 during mid-day trading on Wednesday, hitting $49.28. 8,511 shares of the company traded hands, compared to its average volume of 21,542. Pro-Dex has a 1 year low of $16.84 and a 1 year high of $59.60. The stock has a market capitalization of $160.69 million, a price-to-earnings ratio of 24.52 and a beta of 0.68. The company has a quick ratio of 1.44, a current ratio of 2.58 and a debt-to-equity ratio of 0.33. The business has a 50 day moving average of $39.75 and a two-hundred day moving average of $38.66.

Pro-Dex (NASDAQ:PDEX) last announced its quarterly earnings data on Thursday, January 30th. The medical instruments supplier reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.23. Pro-Dex had a return on equity of 21.68% and a net margin of 11.06%. On average, sell-side analysts anticipate that Pro-Dex will post 2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com lowered Pro-Dex from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th.

Insider Transactions at Pro-Dex

In related news, Director Raymond E. Cabillot sold 3,624 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $46.66, for a total transaction of $169,095.84. Following the transaction, the director now directly owns 356,022 shares of the company’s stock, valued at approximately $16,611,986.52. The trade was a 1.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 40,595 shares of company stock worth $1,842,192. 47.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pro-Dex

Several hedge funds have recently bought and sold shares of the business. Northern Trust Corp lifted its stake in Pro-Dex by 14.1% in the 4th quarter. Northern Trust Corp now owns 35,754 shares of the medical instruments supplier’s stock worth $1,672,000 after acquiring an additional 4,426 shares in the last quarter. Geode Capital Management LLC lifted its stake in Pro-Dex by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 27,435 shares of the medical instruments supplier’s stock worth $819,000 after acquiring an additional 2,296 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Pro-Dex by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 24,790 shares of the medical instruments supplier’s stock worth $740,000 after acquiring an additional 529 shares in the last quarter. EAM Investors LLC purchased a new stake in Pro-Dex in the 4th quarter worth about $1,047,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in Pro-Dex in the 4th quarter worth about $995,000. 15.28% of the stock is owned by hedge funds and other institutional investors.

Pro-Dex Company Profile

Pro-Dex, Inc designs, develops, manufactures, and sells powered surgical instruments for medical device original equipment manufacturers worldwide. The company offers autoclavable, battery-powered and electric, and multi-function surgical drivers and shavers that are primarily used in the orthopedic, thoracic, and craniomaxillofacial markets.