PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up to $65.00

PROCEPT BioRobotics Co. (NASDAQ:PRCT) gapped up prior to trading on Wednesday . The stock had previously closed at $65.00, but opened at $70.10. PROCEPT BioRobotics shares last traded at $73.57, with a volume of 509,984 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company upped their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. TD Cowen increased their target price on PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Piper Sandler increased their target price on PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $74.00 target price (down from $79.00) on shares of PROCEPT BioRobotics in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $66.00.

PROCEPT BioRobotics Stock Performance

The company has a market cap of $3.84 billion, a P/E ratio of -34.70 and a beta of 1.00. The company has a 50 day moving average price of $63.54 and a 200-day moving average price of $57.84. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.02. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The company had revenue of $53.35 million during the quarter, compared to analysts’ expectations of $50.10 million. During the same quarter in the prior year, the business posted ($0.56) earnings per share. The company’s revenue for the quarter was up 61.2% compared to the same quarter last year. Equities analysts expect that PROCEPT BioRobotics Co. will post -1.88 EPS for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, EVP Hisham Shiblaq sold 26,046 shares of PROCEPT BioRobotics stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $68.24, for a total value of $1,777,379.04. Following the transaction, the executive vice president now directly owns 55,860 shares of the company’s stock, valued at $3,811,886.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Hisham Shiblaq sold 26,046 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $68.24, for a total transaction of $1,777,379.04. Following the completion of the sale, the executive vice president now directly owns 55,860 shares in the company, valued at $3,811,886.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Alaleh Nouri sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $3,262,708.96. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Institutional Trading of PROCEPT BioRobotics

Institutional investors have recently added to or reduced their stakes in the business. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of PROCEPT BioRobotics in the second quarter worth $36,000. Quest Partners LLC lifted its stake in shares of PROCEPT BioRobotics by 2,492.3% in the second quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after buying an additional 648 shares during the last quarter. Fairman Group LLC bought a new position in PROCEPT BioRobotics during the fourth quarter worth $84,000. Canada Pension Plan Investment Board bought a new position in PROCEPT BioRobotics during the second quarter worth $128,000. Finally, RiverPark Advisors LLC bought a new position in PROCEPT BioRobotics during the second quarter worth $135,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).