PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 6.3% – Here’s What Happened

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price was up 6.3% on Monday . The stock traded as high as $98.32 and last traded at $98.06. Approximately 411,184 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 648,707 shares. The stock had previously closed at $92.29.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRCT. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Bank of America upped their price target on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. TD Cowen lifted their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Truist Financial restated a “buy” rating and set a $105.00 target price (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company boosted their price target 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. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, PROCEPT BioRobotics has an average rating of “Buy” and an average price target of $88.40.

PROCEPT BioRobotics Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 6.49. The firm’s 50-day moving average is $77.65 and its two-hundred day moving average is $68.59. The company has a market cap of $5.07 billion, a P/E ratio of -47.33 and a beta of 1.00.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $58.40 million for the quarter, compared to analysts’ expectations of $53.30 million. During the same period in the prior year, the company earned ($0.51) EPS. The business’s revenue was up 66.4% compared to the same quarter last year. Analysts anticipate that PROCEPT BioRobotics Co. will post -1.74 earnings per share for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the sale, the chief executive officer now directly owns 258,445 shares of the company’s stock, valued at $23,518,495. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Antal Rohit Desai sold 13,305 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the completion of the transaction, the director now owns 317,518 shares of the company’s stock, valued at $24,248,849.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total value of $26,249,951.00. Following the sale, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 468,353 shares of company stock worth $40,196,366 over the last quarter. Company insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Values First Advisors Inc. purchased a new position in shares of PROCEPT BioRobotics in the 3rd quarter worth approximately $27,000. Mark Sheptoff Financial Planning LLC purchased a new position in PROCEPT BioRobotics during the 2nd quarter worth $36,000. Quest Partners LLC raised its stake in PROCEPT BioRobotics by 2,492.3% in the second 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. Nisa Investment Advisors LLC boosted 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 in the last quarter. Finally, Sentry Investment Management LLC acquired a new position in shares of PROCEPT BioRobotics during the third quarter valued at about $120,000. 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).