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

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

Wall Street Analyst Weigh In

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

PROCEPT BioRobotics Price Performance

The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -29.71 and a beta of 1.10. The business's 50 day simple moving average is $55.11 and its 200-day simple moving average is $69.18.

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

Insider Activity

In related news, CFO Kevin Waters sold 733 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at $6,161,966.46. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Reza Zadno sold 5,475 shares of the company's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total value of $312,403.50. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 6,455 shares of company stock worth $368,322. Insiders own 6.60% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of PROCEPT BioRobotics by 11.9% during the fourth quarter. FMR LLC now owns 8,159,208 shares of the company's stock worth $656,979,000 after buying an additional 866,328 shares during the period. Vanguard Group Inc. grew its holdings in PROCEPT BioRobotics by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock worth $413,907,000 after acquiring an additional 297,075 shares during the period. Alliancebernstein L.P. raised its position in shares of PROCEPT BioRobotics by 22.3% in the 1st quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after acquiring an additional 391,215 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of PROCEPT BioRobotics by 38.8% in the 4th quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company's stock valued at $120,051,000 after purchasing an additional 416,819 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of PROCEPT BioRobotics by 43.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock valued at $82,462,000 after purchasing an additional 429,461 shares in the last quarter. Institutional investors and hedge funds 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).