PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 3.8% – Here’s Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT) rose 3.8% during mid-day trading on Friday . The stock traded as high as $89.50 and last traded at $89.14. Approximately 247,278 shares changed hands during trading, a decline of 63% from the average daily volume of 660,249 shares. The stock had previously closed at $85.91.

Analyst Upgrades and Downgrades

PRCT has been the subject of a number of research analyst reports. Piper Sandler restated an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Truist Financial restated a “buy” rating and issued a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. TD Cowen boosted their target price on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on shares of PROCEPT BioRobotics in a research note on Thursday. They issued a “hold” rating and a $95.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, PROCEPT BioRobotics has a consensus rating of “Moderate Buy” and an average target price of $89.50.

PROCEPT BioRobotics Stock Up 3.5 %

The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average price is $80.97 and its two-hundred day moving average price is $71.45.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same period last year, the firm earned ($0.51) earnings per share. The company’s revenue was up 66.4% on a year-over-year basis. On average, research analysts predict that PROCEPT BioRobotics Co. will post -1.74 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. The trade was a 20.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the transaction, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. The trade was a 52.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 535,353 shares of company stock valued at $46,627,426 in the last three months. Corporate insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics during the third quarter valued at $27,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at about $36,000. Quest Partners LLC grew its position in shares of PROCEPT BioRobotics by 2,492.3% during the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock valued at $41,000 after buying an additional 648 shares during the last quarter. Canton Hathaway LLC acquired a new stake in PROCEPT BioRobotics during the third quarter worth about $66,000. Finally, Nisa Investment Advisors LLC lifted its holdings in PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after acquiring an additional 713 shares during the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).