PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 5% - Should You Buy?

Key Points

• PROCEPT BioRobotics' share price rose 5% to $36.34, though trading volume decreased significantly to 275,502 shares, which is 73% lower than its average daily volume.
• Wall Street analysts have mixed opinions, with some upgrades and target price reductions; the average target price is currently at $67.50, with a consensus rating of "Moderate Buy".
• The company reported a revenue increase of 48.3% year-over-year, totaling $79.18 million, and beat earnings expectations with a loss of ($0.35) EPS compared to the consensus of ($0.41).

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s share price was up 5% on Wednesday . The company traded as high as $36.63 and last traded at $36.34. Approximately 275,502 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 1,017,958 shares. The stock had previously closed at $34.61.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRCT. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Piper Sandler reduced their target price 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. Truist Financial reduced their target price on PROCEPT BioRobotics from $64.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, October 15th. BTIG Research restated a "neutral" rating on shares of PROCEPT BioRobotics in a research note on Tuesday, September 16th. Finally, Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price for the company in a research note on Tuesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $67.50.

PROCEPT BioRobotics Price Performance

The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -22.66 and a beta of 0.99. The stock has a fifty day simple moving average of $37.56 and a 200-day simple moving average of $49.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86.

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

Hedge Funds Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently modified their holdings of PRCT. ANTIPODES PARTNERS Ltd purchased a new position in shares of PROCEPT BioRobotics in the 1st quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of PROCEPT BioRobotics in the 1st quarter valued at about $40,000. Vega Investment Solutions increased its stake in shares of PROCEPT BioRobotics by 52.0% in the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company's stock valued at $45,000 after purchasing an additional 265 shares in the last quarter. CWM LLC increased its stake in shares of PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in shares of PROCEPT BioRobotics by 1,262.5% in the 2nd quarter. AlphaQuest LLC now owns 1,090 shares of the company's stock valued at $63,000 after purchasing an additional 1,010 shares in the last quarter. Hedge funds and other 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).

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