PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up on Analyst Upgrade

Key Points

• PROCEPT BioRobotics (NASDAQ:PRCT) saw its stock price jump from $40.17 to $41.89 after Oppenheimer upgraded its rating from "market perform" to "outperform," with a new price target of $60.00.
• Insider trading activity included Director Antal Rohit Desai selling 25,000 shares at an average price of $61.49, significantly reducing their stake in the company by over 63%.
• The company recently announced a 48.3% year-over-year revenue increase, reporting $79.18 million for the quarter, surpassing analyst expectations of $75.67 million.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) gapped up prior to trading on Tuesday after Oppenheimer upgraded the stock from a market perform rating to an outperform rating. The stock had previously closed at $40.17, but opened at $41.89. Oppenheimer now has a $60.00 price target on the stock. PROCEPT BioRobotics shares last traded at $41.37, with a volume of 236,430 shares trading hands.

A number of other analysts have also recently commented on the company. Morgan Stanley cut their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler reduced their price objective on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Stephens started coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Finally, Wells Fargo & Company dropped their target price on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $73.22.

Insider Activity

In related news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director owned 14,363 shares in the company, valued at $883,180.87. This represents a 63.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently made changes to their positions in PRCT. Mirae Asset Global Investments Co. Ltd. increased its holdings in PROCEPT BioRobotics by 9.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after acquiring an additional 723 shares in the last quarter. Champlain Investment Partners LLC grew its position in shares of PROCEPT BioRobotics by 48.0% in the first quarter. Champlain Investment Partners LLC now owns 676,196 shares of the company's stock valued at $39,395,000 after purchasing an additional 219,266 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of PROCEPT BioRobotics by 7,021.1% during the 1st quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock worth $373,000 after purchasing an additional 6,319 shares in the last quarter. Bessemer Group Inc. raised its position in shares of PROCEPT BioRobotics by 50.7% during the 1st quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after purchasing an additional 3,665 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of PROCEPT BioRobotics by 5.0% during the 1st quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock worth $3,750,000 after purchasing an additional 3,077 shares during the last quarter. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Stock Performance

The business has a 50 day moving average of $48.74 and a 200-day moving average of $54.70. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. The business had revenue of $79.18 million for the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The business's revenue was up 48.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.50) earnings per share. Analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

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).