PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Up 14.7% - Here's What Happened

Key Points

• PROCEPT BioRobotics shares rose 14.7% to $23.145, while trading volume was 61% below its average.
• Analysts’ consensus rating is Hold, with an average price target of $25.50; ratings range from Strong Buy to Sell.
• Quarterly revenue increased 19.3% year over year to $94.5 million, beating estimates, but the company’s loss of $0.47 per share was slightly wider than expected.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) was up 14.7% on Wednesday. The company traded as high as $23.13 and last traded at $23.1450. 588,267 shares traded hands during trading, a decline of 61% from the average daily volume of 1,490,716 shares. The stock had previously closed at $20.17.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PRCT. Barclays assumed coverage on shares of PROCEPT BioRobotics in a research note on Tuesday, October 6th. They issued an "overweight" rating and a $30.00 price target on the stock. Robert W. Baird set a $20.00 target price on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Truist Financial set a $21.00 target price on PROCEPT BioRobotics in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PROCEPT BioRobotics in a research report on Thursday, October 15th. Finally, Evercore set a $23.00 price target on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, PROCEPT BioRobotics has an average rating of "Hold" and an average price target of $25.50.

PROCEPT BioRobotics Trading Up 8.7%

The company's 50 day simple moving average is $19.33 and its 200 day simple moving average is $23.27. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.55 and a quick ratio of 5.35. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -11.32 and a beta of 0.88.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) earnings per share (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 company had revenue of $94.50 million during the quarter, compared to analyst estimates of $92.77 million. During the same quarter in the previous year, the business posted ($0.35) earnings per share. The firm's revenue was up 19.3% on a year-over-year basis. As a group, research analysts expect that PROCEPT BioRobotics Corporation will post -1.67 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, CEO Larry Wood purchased 23,900 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average price of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the purchase, the chief executive officer directly owned 23,900 shares of the company's stock, valued at $498,315. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 1,043 shares of company stock valued at $21,851 in the last ninety days. 4.00% of the stock is owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently modified their holdings of PRCT. Versant Capital Management Inc increased its holdings in PROCEPT BioRobotics by 994.5% in the second quarter. Versant Capital Management Inc now owns 1,193 shares of the company's stock valued at $27,000 after buying an additional 1,084 shares during the last quarter. Nykredit A S acquired a new position in PROCEPT BioRobotics during the second quarter worth $27,000. Sterling Capital Management LLC boosted its stake in shares of PROCEPT BioRobotics by 849.2% during the 3rd quarter. Sterling Capital Management LLC now owns 1,870 shares of the company's stock worth $34,000 after acquiring an additional 1,673 shares in the last quarter. Signaturefd LLC increased its holdings in PROCEPT BioRobotics by 162.7% during the 3rd quarter. Signaturefd LLC now owns 1,899 shares of the company's stock valued at $35,000 after acquiring an additional 1,176 shares in the last quarter. Finally, Essential Partners LLC raised its holdings 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 worth $50,000 after acquiring an additional 1,980 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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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