Ritholtz Wealth Management Increases Stake in Pro-Dex by 32.4%

Ritholtz Wealth Management has significantly increased its investment in Pro-Dex, Inc. (NASDAQ:PDEX) by 32.4% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 21,102 shares of the medical instruments supplier, having acquired an additional 5,158 shares during this period. The total value of Ritholtz’s holdings in Pro-Dex is approximately $921,000, which represents about 0.65% of the company’s stock.

Several other institutional investors have also adjusted their positions in Pro-Dex recently. Notably, Cubist Systematic Strategies LLC purchased a new stake valued at around $170,000 in the first quarter. The Bank of New York Mellon Corp increased its holdings by 48.5%, now owning 6,415 shares worth $318,000 after acquiring an additional 2,096 shares. Other firms, such as Jane Street Group LLC and American Century Companies Inc., have also made significant investments, with American Century increasing its stake by 3.0% to hold a total of 12,301 shares valued at $610,000. Collectively, hedge funds and institutional investors currently own 15.28% of Pro-Dex’s stock.

Analyst Ratings and Market Performance

Analysts have recently issued varying ratings for Pro-Dex shares. On August 16, 2023, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating. Weiss Ratings maintained a “hold (c+)” rating in a report on October 8, 2023. Overall, one analyst has given the stock a “buy” rating while another has opted for a “hold.” According to MarketBeat data, Pro-Dex holds an average rating of “Moderate Buy” with a consensus target price of $56.00.

As of last Friday, Pro-Dex shares opened at $26.22, with the company having a market capitalization of $86 million. The stock has a price-to-earnings ratio of 9.71 and a beta of -0.11. The 50-day moving average stands at $37.32, while the 200-day moving average is at $44.68. The company’s financial ratios show a current ratio of 3.23, a quick ratio of 1.71, and a debt-to-equity ratio of 0.25. Over the past year, Pro-Dex has seen a low of $23.47 and a high of $70.26.

Pro-Dex last reported its earnings on September 4, 2023. The company announced earnings per share (EPS) of $0.36, falling short of the consensus estimate of $0.47 by $0.11. The company’s return on equity was 26.67%, with a net margin of 13.48%. Revenue for the quarter reached $17.49 million, compared to analyst expectations of $17.90 million. Analysts predict that Pro-Dex will report an EPS of $2 for the current fiscal year.

About Pro-Dex, Inc.

Pro-Dex, Inc. specializes in designing, developing, manufacturing, and selling powered surgical instruments for medical device original equipment manufacturers globally. The company provides a range of products, including autoclavable, battery-powered, electric, and multifunction surgical drivers and shavers, primarily serving the orthopedic, thoracic, and craniomaxillofacial markets.

For those seeking more information on Pro-Dex and its stock holdings, resources are available to track recent 13F filings and insider trades.