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

Ritholtz Wealth Management has significantly increased its holdings in Pro-Dex, Inc. (NASDAQ:PDEX) by 32.4% during the second quarter of this year. According to the fund’s latest 13F filing with the Securities and Exchange Commission, Ritholtz now owns 21,102 shares of the medical instruments supplier after acquiring an additional 5,158 shares during the quarter. This brings their total investment in Pro-Dex to approximately $921,000, representing about 0.65% of the company’s total shares.

Several other institutional investors have also adjusted their positions in Pro-Dex recently. For instance, Cubist Systematic Strategies LLC acquired a new stake in the company valued at around $170,000 in the first quarter. Meanwhile, Bank of New York Mellon Corp raised its holdings by 48.5% during the same period, bringing their total ownership to 6,415 shares worth $318,000. Additionally, Jane Street Group LLC entered the market with a purchase of Pro-Dex shares valued at approximately $321,000.

American Century Companies Inc. also increased its stake by 3.0%, now owning 12,301 shares worth $610,000 after acquiring an extra 355 shares. Notably, Navellier & Associates Inc. entered the fray with a new investment of around $1,094,000. As it stands, institutional investors collectively own 15.28% of Pro-Dex’s stock.

Analysts Adjust Ratings and Price Targets

Research analysts have recently updated their ratings for Pro-Dex shares. Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on August 16, 2023. Weiss Ratings reiterated a “hold (c+)” rating in a report issued on October 8, 2023. Currently, one analyst has given the stock a Buy rating, while another has rated it as a Hold. According to data from MarketBeat, Pro-Dex has an average rating of “Moderate Buy” with a target price of $56.00.

Pro-Dex’s Financial Performance and Market Metrics

On September 4, 2023, Pro-Dex reported its latest earnings results, revealing earnings per share (EPS) of $0.36 for the quarter, falling short of the consensus estimate of $0.47 by $0.11. The company reported revenue of $17.49 million, which was below analyst projections of $17.90 million. Pro-Dex’s return on equity stood at 26.67%, with a net margin of 13.48%.

As of the latest trading session, shares of Pro-Dex opened at $26.22. The company has a market capitalization of $86 million and a price-to-earnings ratio of 9.71. Its stock has shown a 50-day moving average of $37.32 and a 200-day moving average of $44.68. Pro-Dex has experienced a 52-week low of $23.47 and a high of $70.26.

Pro-Dex, Inc. focuses on the design, development, manufacture, and sale of powered surgical instruments for medical device original equipment manufacturers across the globe. The company provides a range of products, including autoclavable, battery-powered, and electric surgical drivers and shavers primarily used in orthopedic, thoracic, and craniomaxillofacial markets.

For those interested in further details regarding Pro-Dex’s stock and institutional holdings, resources such as HoldingsChannel.com offer comprehensive insights into the latest 13F filings and insider trades related to the company.