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

PROCEPT BioRobotics Co. (NASDAQ:PRCT) shares were up 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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRCT. Bank of America increased their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. TD Cowen raised their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Jefferies Financial Group started coverage on PROCEPT BioRobotics in a research report on Thursday. They set a “hold” rating and a $95.00 price target on the stock. Truist Financial restated a “buy” rating and set a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company upped their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, PROCEPT BioRobotics has an average rating of “Moderate Buy” and an average price target of $89.50.

PROCEPT BioRobotics Trading Up 3.4 %

The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $80.53 and a 200-day moving average price of $70.96.

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

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares in the company, valued at $7,928,880.96. This represents a 20.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total transaction of $2,680,946.40. Following the completion of the transaction, the director now directly owns 23,963 shares in the company, valued at $1,824,063.56. This trade represents a 59.51 % decrease in their ownership of the stock. 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. 17.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Westfield Capital Management Co. LP acquired a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $72,563,000. Chicago Capital LLC acquired a new stake in PROCEPT BioRobotics in the second quarter valued at approximately $14,233,000. Federated Hermes Inc. grew its position in PROCEPT BioRobotics by 788.9% in the second quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock worth $11,205,000 after acquiring an additional 162,785 shares in the last quarter. Transatlantique Private Wealth LLC acquired a new position in shares of PROCEPT BioRobotics during the 2nd quarter worth $9,164,000. Finally, Point72 DIFC Ltd bought a new position in shares of PROCEPT BioRobotics during the 3rd quarter valued at $11,890,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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).