PROCEPT BioRobotics (NASDAQ:PRCT) Shares Climb 6.6% – Here’s What Happened

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shot up 6.6% during trading on Tuesday. The stock traded as high as $18.07 and last traded at $18.39. 1,028,044 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 1,533,729 shares. The stock had previously closed at $17.25.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRCT. Oppenheimer reiterated a “market perform” rating on shares of PROCEPT BioRobotics in a research note on Wednesday, September 9th. William Blair downgraded shares of PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 5th. Leerink Partners lowered PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $31.00 to $29.00 in a report on Thursday, June 11th. UBS Group downgraded PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 price objective for the company. in a research note on Tuesday, July 28th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $25.09.

PROCEPT BioRobotics Stock Performance

The stock’s 50 day moving average price is $19.95 and its two-hundred day moving average price is $22.92. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -9.45 and a beta of 0.91.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The firm had revenue of $94.50 million during the quarter, compared to analysts’ expectations of $92.77 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, analysts forecast that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current year.

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood acquired 23,900 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was acquired at an average cost of $20.85 per share, with a total value of $498,315.00. Following the purchase, the chief executive officer directly owned 23,900 shares in the company, valued at approximately $498,315. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 1,043 shares of company stock valued at $21,851 in the last quarter. 4.00% of the stock is owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

A number of large investors have recently made changes to their positions in PRCT. Versant Capital Management Inc increased its position in PROCEPT BioRobotics by 994.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,193 shares of the company’s stock worth $27,000 after purchasing an additional 1,084 shares in the last quarter. Nykredit A S acquired a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth about $27,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of PROCEPT BioRobotics by 570.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company’s stock worth $36,000 after purchasing an additional 975 shares during the last quarter. Cache Advisors LLC acquired a new position in shares of PROCEPT BioRobotics in the first quarter valued at approximately $42,000. Finally, Essential Partners LLC raised its position in shares of PROCEPT BioRobotics by 7,071.4% in the first quarter. Essential Partners LLC now owns 2,008 shares of the company’s stock valued at $50,000 after buying an additional 1,980 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for urologic care. The company’s primary focus is the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

Its flagship product is the AQUABEAM Robotic System, which uses image guidance, robotics, and high-velocity waterjet technology to remove targeted prostate tissue without the use of a traditional cutting instrument.