PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Up 5.9% - Here's Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report) was up 5.9% on Thursday . The company traded as high as $65.26 and last traded at $65.25. Approximately 704,305 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 825,043 shares. The stock had previously closed at $61.63.

Wall Street Analyst Weigh In

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

PROCEPT BioRobotics Stock Down 3.3%

The company has a market capitalization of $3.48 billion, a PE ratio of -32.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The company has a 50-day moving average of $55.27 and a two-hundred day moving average of $68.30.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its 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 company had revenue of $69.16 million for the quarter, compared to the consensus estimate of $65.39 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. PROCEPT BioRobotics's quarterly revenue was up 55.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.51) earnings per share. Sell-side analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 733 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total transaction of $41,824.98. Following the completion of the sale, the chief financial officer now directly owns 107,991 shares of the company's stock, valued at $6,161,966.46. This trade represents a 0.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $60.66, for a total transaction of $1,516,500.00. Following the completion of the transaction, the director now directly owns 139,363 shares in the company, valued at $8,453,759.58. This trade represents a 15.21% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,455 shares of company stock worth $3,504,572. Corporate insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors have recently bought and sold shares of the stock. Militia Capital Partners LP bought a new position in shares of PROCEPT BioRobotics during the 1st quarter valued at about $816,000. Osterweis Capital Management Inc. lifted its position in shares of PROCEPT BioRobotics by 98.0% in the first quarter. Osterweis Capital Management Inc. now owns 173,735 shares of the company's stock worth $10,122,000 after buying an additional 85,990 shares in the last quarter. Rhumbline Advisers lifted its position in shares of PROCEPT BioRobotics by 5.0% in the first quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock worth $3,750,000 after buying an additional 3,077 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of PROCEPT BioRobotics by 54.4% in the first quarter. Intech Investment Management LLC now owns 28,389 shares of the company's stock worth $1,654,000 after buying an additional 10,002 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of PROCEPT BioRobotics by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 153,158 shares of the company's stock worth $8,923,000 after buying an additional 13,767 shares in the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).