Ritholtz Wealth Management has significantly increased its shareholding in Pro-Dex, Inc. (NASDAQ:PDEX), boosting its position by 32.4% during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission, the firm now owns 21,102 shares of the medical instruments supplier, following the acquisition of an additional 5,158 shares during this period. As of the end of June 2023, Ritholtz Wealth Management’s holdings in Pro-Dex were valued at approximately $921,000, representing about 0.65% of the company.
Other institutional investors have also been active in Pro-Dex, reflecting growing interest in the company. For instance, Cubist Systematic Strategies LLC acquired a new stake in the firm during the first quarter, investing around $170,000. Meanwhile, Bank of New York Mellon Corp increased its ownership by 48.5%, bringing its total to 6,415 shares valued at $318,000 after purchasing an additional 2,096 shares. Additionally, Jane Street Group LLC and American Century Companies Inc. have also expanded their holdings, with American Century now owning 12,301 shares worth $610,000.
Market Activity and Analysts’ Perspectives
As of the latest trading session, shares of Pro-Dex opened at $26.22. The company boasts a market capitalization of $86 million, a price-to-earnings ratio of 9.71, and a beta of -0.11. The stock has experienced fluctuations, with a 52-week low of $23.47 and a 52-week high of $70.26. Analysts have been issuing mixed reviews about the stock. On August 16, Wall Street Zen downgraded Pro-Dex from a “buy” to a “hold” rating, while Weiss Ratings maintained a “hold (c+)” rating as of October 8. Currently, one investment analyst rates the stock as a Buy, while another assigns it a Hold rating. According to data from MarketBeat, Pro-Dex has an average rating of “Moderate Buy” and a consensus target price of $56.00.
The recent earnings report, released on September 4, 2023, indicated that Pro-Dex reported an earnings per share (EPS) of $0.36 for the quarter, falling short of the consensus estimate of $0.47 by $0.11. The company recorded revenue of $17.49 million, compared to analyst expectations of $17.90 million. Despite these challenges, Pro-Dex exhibited a return on equity of 26.67% and a net margin of 13.48%.
Pro-Dex, Inc. focuses on designing, developing, manufacturing, and selling powered surgical instruments tailored for medical device original equipment manufacturers globally. Their product line includes autoclavable, battery-powered, and electric surgical drivers and shavers, primarily utilized in orthopedic, thoracic, and craniomaxillofacial markets.
As institutional investments continue to shape the landscape for Pro-Dex, stakeholders will be closely monitoring market reactions and future performance.
