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

Ritholtz Wealth Management has significantly increased its investment in Pro-Dex, Inc. (NASDAQ:PDEX), raising its holdings by 32.4% during the second quarter of 2023. According to the fund’s recent 13F filing with the Securities and Exchange Commission, Ritholtz now owns 21,102 shares of the medical instruments supplier, following the acquisition of an additional 5,158 shares during the quarter. This investment is valued at approximately $921,000, reflecting a 0.65% ownership stake in Pro-Dex.

Other institutional investors have also been active in Pro-Dex. For instance, Cubist Systematic Strategies LLC acquired a new stake during the first quarter worth around $170,000. Meanwhile, Bank of New York Mellon Corp raised its holdings by 48.5%, now owning 6,415 shares valued at $318,000. Additionally, Jane Street Group LLC purchased a new stake valued at approximately $321,000, and American Century Companies Inc. increased its position by 3.0%, owning 12,301 shares worth $610,000 after acquiring an extra 355 shares. Collectively, hedge funds and institutional investors hold about 15.28% of Pro-Dex’s stock.

Analysts have recently adjusted their ratings on Pro-Dex shares. A report from Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on August 16, 2023. In a separate report, Weiss Ratings maintained a “hold (C+)” rating as of October 8, 2023. Currently, one analyst has rated the stock as a “buy,” and another has given it a “hold,” resulting in an average rating of “Moderate Buy” and a consensus target price of $56.00.

Pro-Dex’s Recent Performance and Earnings

Shares of Pro-Dex opened at $26.22 on the last trading day. The company boasts a market capitalization of $86.00 million, a price-to-earnings ratio of 9.71, and a beta of -0.11. Over the past year, the stock has fluctuated between a low of $23.47 and a high of $70.26.

Pro-Dex recently reported its earnings for the quarter ending September 4, 2023, revealing an earnings per share (EPS) of $0.36. This figure fell short of analysts’ expectations, which had estimated an EPS of $0.47. The company’s revenue for the quarter was $17.49 million, slightly below the forecast of $17.90 million. Notably, Pro-Dex achieved a return on equity of 26.67% and a net margin of 13.48%. Analysts anticipate that Pro-Dex will report an EPS of $2 for the current year.

About Pro-Dex, Inc.

Pro-Dex, Inc. specializes in the design, development, manufacturing, and sale of powered surgical instruments for medical device original equipment manufacturers globally. The company’s product line includes autoclavable, battery-powered, and electric multi-function surgical drivers and shavers, predominantly serving the orthopedic, thoracic, and craniomaxillofacial markets.

As interest from hedge funds and institutional investors grows, Pro-Dex remains a company to watch in the medical instruments sector. For ongoing updates and detailed information on Pro-Dex and related companies, interested parties can access resources such as MarketBeat.com.