Short Interest in Pro-Dex, Inc. (NASDAQ:PDEX) Rises By 166.3%

Pro-Dex, Inc. (NASDAQ:PDEX) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 45,000 shares, a growth of 166.3% from the February 28th total of 16,900 shares. Based on an average daily trading volume, of 31,600 shares, the short-interest ratio is currently 1.4 days. Approximately 2.2% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

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

Pro-Dex Price Performance

NASDAQ:PDEX traded down $1.75 during mid-day trading on Friday, reaching $48.23. The stock had a trading volume of 24,983 shares, compared to its average volume of 22,220. Pro-Dex has a one year low of $16.84 and a one year high of $59.60. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.44 and a current ratio of 2.58. The firm has a 50 day moving average price of $40.21 and a two-hundred day moving average price of $39.90. The stock has a market capitalization of $157.28 million, a P/E ratio of 24.00 and a beta of 0.68.

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, beating analysts’ consensus estimates of $0.38 by $0.23. Pro-Dex had a net margin of 11.06% and a return on equity of 21.68%. As a group, analysts expect that Pro-Dex will post 2 earnings per share for the current year.

Insider Activity at Pro-Dex

In other news, Director Raymond E. Cabillot sold 7,674 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $45.00, for a total value of $345,330.00. Following the transaction, the director now owns 310,978 shares of the company’s stock, valued at $13,994,010. This represents a 2.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 47,475 shares of company stock valued at $2,186,594. Company insiders own 47.50% of the company’s stock.

Institutional Trading of Pro-Dex

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Pro-Dex by 34.9% in the 3rd quarter. FMR LLC now owns 3,973 shares of the medical instruments supplier’s stock valued at $119,000 after acquiring an additional 1,028 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Pro-Dex during the fourth quarter valued at approximately $202,000. Trexquant Investment LP purchased a new stake in shares of Pro-Dex during the fourth quarter valued at approximately $252,000. Integrated Quantitative Investments LLC bought a new position in shares of Pro-Dex in the fourth quarter worth approximately $254,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Pro-Dex in the fourth quarter worth $255,000. 15.28% of the stock is currently owned by hedge funds and other institutional investors.

About Pro-Dex

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.