PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 3.6% - Here's Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report)'s share price rose 3.6% during trading on Friday . The company traded as high as $57.60 and last traded at $57.70. Approximately 207,015 shares were traded during trading, a decline of 75% from the average daily volume of 818,525 shares. The stock had previously closed at $55.71.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRCT. Morgan Stanley dropped their target price on PROCEPT BioRobotics from $105.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Bank of America lowered their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Truist Financial reduced their target price on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and an average price target of $90.00.

PROCEPT BioRobotics Trading Up 3.5%

The stock has a 50 day moving average of $55.02 and a 200-day moving average of $68.97. The company has a market capitalization of $3.32 billion, a P/E ratio of -30.76 and a beta of 1.10. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.04. The business had revenue of $69.16 million for the quarter, compared to the consensus estimate of $65.39 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The company's revenue for the quarter was up 55.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.51) earnings per share. On average, research analysts predict that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 5,475 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares in the company, valued at $9,875,374.20. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin Waters sold 733 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $41,824.98. Following the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at $6,161,966.46. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,455 shares of company stock worth $368,322. Corporate insiders own 6.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. KBC Group NV raised its position in PROCEPT BioRobotics by 46.0% during the fourth quarter. KBC Group NV now owns 2,236 shares of the company's stock valued at $180,000 after purchasing an additional 705 shares during the period. Chicago Capital LLC increased its position in shares of PROCEPT BioRobotics by 44.5% during the 4th quarter. Chicago Capital LLC now owns 379,582 shares of the company's stock valued at $30,564,000 after purchasing an additional 116,931 shares during the last quarter. Matisse Capital raised its holdings in PROCEPT BioRobotics by 112.9% during the 4th quarter. Matisse Capital now owns 22,285 shares of the company's stock valued at $1,794,000 after buying an additional 11,817 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in PROCEPT BioRobotics by 218.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 401,210 shares of the company's stock valued at $33,350,000 after buying an additional 275,071 shares during the period. Finally, Rhumbline Advisers lifted its position in PROCEPT BioRobotics by 5.6% in the fourth quarter. Rhumbline Advisers now owns 61,296 shares of the company's stock worth $4,936,000 after buying an additional 3,242 shares during the last quarter. 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).