PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 7.6% – Here’s What Happened

by · The Markets Daily

PROCEPT BioRobotics Corporation (NASDAQ:PRCT – Get Free Report) shot up 7.6% on Thursday. The stock traded as high as $19.54 and last traded at $19.6580. Approximately 229,686 shares traded hands during trading, a decline of 85% from the average daily volume of 1,514,166 shares. The stock had previously closed at $18.27.

Analysts Set New Price Targets

PRCT has been the topic of a number of research reports. Truist Financial set a $21.00 price target on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Robert W. Baird set a $20.00 price objective on PROCEPT BioRobotics in a research note on Wednesday, August 5th. William Blair downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 5th. UBS Group downgraded PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 price objective for the company. in a report on Tuesday, July 28th. Finally, Piper Sandler raised PROCEPT BioRobotics to a “strong-buy” rating in a research report on Friday, October 16th. Three analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of “Hold” and an average price target of $25.50.

Read Our Latest Research Report on PROCEPT BioRobotics

PROCEPT BioRobotics Price Performance

The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $19.64 and a 200 day simple moving average of $21.96. The stock has a market capitalization of $1.15 billion, a P/E ratio of -10.32 and a beta of 0.92.

PROCEPT BioRobotics (NASDAQ:PRCT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%. The company had revenue of $94.50 million during the quarter, compared to analysts’ expectations of $92.77 million. During the same period last year, the company earned ($0.35) earnings per share. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, analysts expect that PROCEPT BioRobotics Corporation will post -1.67 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In related news, CEO Larry Wood purchased 23,900 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average cost of $20.85 per share, with a total value of $498,315.00. Following the transaction, the chief executive officer owned 23,900 shares of the company’s stock, valued at $498,315. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 1,043 shares of company stock worth $21,851 in the last ninety days. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several large investors have recently bought and sold shares of the stock. Versant Capital Management Inc boosted its holdings in PROCEPT BioRobotics by 70.3% during the 3rd quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock worth $37,000 after acquiring an additional 839 shares during the last quarter. IFP Advisors Inc grew its stake in shares of PROCEPT BioRobotics by 11.9% in the 2nd quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock worth $272,000 after acquiring an additional 1,287 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of PROCEPT BioRobotics in the second quarter valued at about $597,000. Nykredit A S purchased a new stake in shares of PROCEPT BioRobotics in the second quarter valued at about $27,000. Finally, VELA Investment Management LLC lifted its position in shares of PROCEPT BioRobotics by 62.0% during the second quarter. VELA Investment Management LLC now owns 113,722 shares of the company’s stock valued at $2,568,000 after purchasing an additional 43,513 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

(Get Free Report)

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms. The company’s technology is designed to provide a minimally invasive alternative to conventional surgical procedures.

Its primary product is the AquaBeam Robotic System, which uses image guidance, robotic assistance and a high-velocity waterjet to remove targeted prostate tissue.

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