PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 4.3% - Still a Buy?

Key Points

• PRCT shares rose 4.3% to $18.27, but trading volume was 96% below the average session level.
• Analyst sentiment is cautious: the stock has a consensus “Hold” rating and an average price target of $25.50, following several recent downgrades to neutral or market perform.
• Quarterly revenue increased 19.3% year over year to $94.5 million, though the company missed EPS expectations and remains unprofitable; CEO Larry Wood separately purchased nearly $498,000 worth of shares.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) shares were up 4.3% during mid-day trading on Wednesday. The stock traded as high as $18.30 and last traded at $18.27. Approximately 63,755 shares were traded during trading, a decline of 96% from the average session volume of 1,526,284 shares. The stock had previously closed at $17.51.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wells Fargo & Company downgraded shares of PROCEPT BioRobotics from an "overweight" rating to an "equal weight" rating and set a $19.00 price objective on the stock. in a research report on Wednesday, August 5th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $20.00 target price on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Oppenheimer restated a "market perform" rating on shares of PROCEPT BioRobotics in a research note on Wednesday, September 9th. UBS Group cut shares of PROCEPT BioRobotics from a "buy" rating to a "neutral" rating and set a $20.00 price target on the stock. in a research note on Tuesday, July 28th. Finally, William Blair cut shares of PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, PROCEPT BioRobotics currently has a consensus rating of "Hold" and an average price target of $25.50.

PROCEPT BioRobotics Trading Up 4.1%

The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -9.39 and a beta of 0.92. The firm has a 50-day moving average price of $19.95 and a 200-day moving average price of $22.52. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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. PROCEPT BioRobotics's revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, sell-side analysts predict that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current year.

Insider Buying and Selling

In related news, CEO Larry Wood purchased 23,900 shares of the stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $20.85 per share, with a total value of $498,315.00. Following the purchase, the chief executive officer directly owned 23,900 shares in the company, valued at $498,315. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 1,043 shares of company stock valued at $21,851 in the last three months. 4.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds have recently bought and sold shares of PRCT. Center for Financial Planning Inc. lifted its holdings in PROCEPT BioRobotics by 59.6% in the first quarter. Center for Financial Planning Inc. now owns 2,040 shares of the company's stock valued at $51,000 after acquiring an additional 762 shares during the period. Versant Capital Management Inc raised its holdings in shares of PROCEPT BioRobotics by 70.3% in the third 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. Caitong International Asset Management Co. Ltd lifted its holdings in PROCEPT BioRobotics by 570.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company's stock valued at $36,000 after purchasing an additional 975 shares in the last quarter. Nykredit A S acquired a new stake in PROCEPT BioRobotics during the second quarter worth approximately $27,000. Finally, IFP Advisors Inc boosted its position in PROCEPT BioRobotics by 11.9% during the second quarter. IFP Advisors Inc now owns 12,062 shares of the company's stock worth $272,000 after acquiring an additional 1,287 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company's primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT's flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company's AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.

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