PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Up 4% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

PROCEPT BioRobotics Stock Up 2.4 %

The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The company has a 50-day simple moving average of $66.71 and a 200 day simple moving average of $78.25. The company has a market cap of $3.42 billion, a P/E ratio of -31.98 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.35) EPS 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 the consensus estimate of $66.79 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. On average, equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Insider Activity at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 733 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were 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 of the company’s stock, valued at $6,161,966.46. This represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Reza Zadno sold 5,475 shares of the stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $312,403.50. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,455 shares of company stock worth $368,322. Company insiders own 17.40% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC lifted its stake in shares of PROCEPT BioRobotics by 45.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares during the last quarter. Perpetual Ltd purchased a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at about $66,972,000. Penserra Capital Management LLC bought a new stake in shares of PROCEPT BioRobotics in the 3rd quarter valued at about $2,308,000. Oak Ridge Investments LLC grew its position in shares of PROCEPT BioRobotics by 24.0% in the 4th quarter. Oak Ridge Investments LLC now owns 30,059 shares of the company’s stock worth $2,420,000 after buying an additional 5,817 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of PROCEPT BioRobotics by 295.8% during the 4th quarter. SG Americas Securities LLC now owns 6,598 shares of the company’s stock worth $531,000 after acquiring an additional 4,931 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

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).