PROCEPT BioRobotics (NASDAQ:PRCT) Share Price Crosses Above 50 Day Moving Average - What's Next?

Key Points

• PROCEPT BioRobotics shares crossed above their 50-day moving average, reaching $19.84 before closing at $19.44, compared with a 50-day average of $19.36.
• Analyst sentiment is mixed: the stock has an average rating of “Hold” and an average price target of $25.50, with targets ranging from $23 to $30 and recent rating changes including a downgrade to “Market Perform.”
• Second-quarter revenue rose 19.3% year over year to $94.5 million, slightly exceeding expectations, but the company posted a larger-than-expected loss of $0.47 per share and continues to have negative profitability metrics.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $19.36 and traded as high as $19.84. PROCEPT BioRobotics shares last traded at $19.44, with a volume of 1,272,054 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRCT. TD Cowen reduced their price objective on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Barclays initiated coverage on shares of PROCEPT BioRobotics in a research note on Tuesday, October 6th. They issued an "overweight" rating and a $30.00 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of PROCEPT BioRobotics in a research report on Thursday, October 15th. Evercore set a $23.00 target price on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Finally, William Blair lowered PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a report on Wednesday, August 5th. Three analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $25.50.

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 company has a market cap of $1.11 billion, a P/E ratio of -10.02 and a beta of 0.92. The business's fifty day moving average is $19.36 and its 200 day moving average is $23.33.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted 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 net margin of 32.53% and a negative return on equity of 30.62%. The firm had revenue of $94.50 million during the quarter, compared to analysts' expectations of $92.77 million. During the same quarter in the previous year, the company posted ($0.35) EPS. PROCEPT BioRobotics's revenue for the quarter was up 19.3% on a year-over-year basis. As a group, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current year.

Insider Activity at PROCEPT BioRobotics

In other news, CEO Larry Wood purchased 23,900 shares of the company's stock in a transaction dated Friday, August 7th. The shares were purchased at an average price of $20.85 per share, with a total value of $498,315.00. Following the transaction, the chief executive officer directly owned 23,900 shares of the company's stock, valued at approximately $498,315. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 1,043 shares of company stock worth $21,851. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position in PROCEPT BioRobotics by 994.5% during the second quarter. Versant Capital Management Inc now owns 1,193 shares of the company's stock worth $27,000 after purchasing an additional 1,084 shares during the period. Nykredit A S purchased a new position in shares of PROCEPT BioRobotics in the second quarter worth about $27,000. Sterling Capital Management LLC increased its stake in shares of PROCEPT BioRobotics by 849.2% in the third quarter. Sterling Capital Management LLC now owns 1,870 shares of the company's stock worth $34,000 after purchasing an additional 1,673 shares in the last quarter. Signaturefd LLC raised its position in shares of PROCEPT BioRobotics by 162.7% in the third quarter. Signaturefd LLC now owns 1,899 shares of the company's stock valued at $35,000 after purchasing an additional 1,176 shares during the period. Finally, Essential Partners LLC raised its position in shares of PROCEPT BioRobotics by 7,071.4% in the first quarter. Essential Partners LLC now owns 2,008 shares of the company's stock valued at $50,000 after purchasing an additional 1,980 shares during the period. 89.46% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

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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