PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 3.8% – What’s Next?

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRCT. Jefferies Financial Group started coverage on PROCEPT BioRobotics in a research note on Thursday. They issued a “hold” rating and a $95.00 target price on the stock. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Bank of America upped their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Wells Fargo & Company lifted their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

PROCEPT BioRobotics Price Performance

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

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

Insider Buying and Selling

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 288,461 shares of the firm’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 transaction, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. This trade represents a 52.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the sale, the chief financial officer now owns 96,096 shares in the company, valued at $6,964,077.12. This represents a 20.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 535,353 shares of company stock worth $46,627,426 in the last three months. 17.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of PROCEPT BioRobotics by 8.2% in the third quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock valued at $88,678,000 after purchasing an additional 84,244 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in PROCEPT BioRobotics during the third quarter valued at $1,081,000. Main Management ETF Advisors LLC purchased a new stake in PROCEPT BioRobotics in the 3rd quarter worth about $1,057,000. EP Wealth Advisors LLC acquired a new stake in PROCEPT BioRobotics during the 3rd quarter worth about $1,158,000. Finally, State Street Corp grew its stake in PROCEPT BioRobotics by 5.9% during the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock valued at $94,503,000 after acquiring an additional 66,175 shares in the last quarter. Institutional investors and hedge funds 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).