PROCEPT BioRobotics (NASDAQ:PRCT) Trading 4% Higher – Here’s What Happened

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) rose 4% during mid-day trading on Tuesday . The stock traded as high as $63.70 and last traded at $63.34. Approximately 215,543 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 727,428 shares. The stock had previously closed at $60.90.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Morgan Stanley lowered their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Finally, Truist Financial reissued a “buy” rating and issued a $90.00 target price (down from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.29.

PROCEPT BioRobotics Stock Performance

The company has a 50 day simple moving average of $66.32 and a 200 day simple moving average of $78.15. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of -31.67 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $68.24 million during the quarter, compared to analyst estimates of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. As a group, equities research analysts forecast that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 733 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $41,824.98. Following the completion of the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at $6,161,966.46. This trade represents a 0.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Reza Zadno sold 5,475 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares in the company, valued at approximately $9,875,374.20. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,455 shares of company stock worth $368,322. Company insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of PROCEPT BioRobotics by 19.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,391 shares of the company’s stock worth $11,224,000 after acquiring an additional 22,931 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in PROCEPT BioRobotics by 60.4% during the 4th quarter. Voloridge Investment Management LLC now owns 454,374 shares of the company’s stock worth $36,586,000 after purchasing an additional 171,029 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of PROCEPT BioRobotics by 237.1% in the fourth quarter. Two Sigma Advisers LP now owns 90,000 shares of the company’s stock valued at $7,247,000 after purchasing an additional 63,300 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of PROCEPT BioRobotics by 91.0% during the fourth quarter. Two Sigma Investments LP now owns 353,716 shares of the company’s stock valued at $28,481,000 after buying an additional 168,505 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC grew its holdings in PROCEPT BioRobotics by 1.6% during the fourth quarter. Summit Partners Public Asset Management LLC now owns 551,767 shares of the company’s stock worth $44,428,000 after buying an additional 8,721 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

About PROCEPT BioRobotics

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).