PROCEPT BioRobotics (NASDAQ:PRCT) Shares Climb 14.7% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) traded up 14.7% on Wednesday. The stock traded as high as $23.13 and last traded at $23.1450. 588,267 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 1,490,716 shares. The stock had previously closed at $20.17.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Evercore set a $23.00 price target on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Thursday, October 15th. Barclays initiated coverage on PROCEPT BioRobotics in a research note on Tuesday, October 6th. They issued an “overweight” rating and a $30.00 price objective for the company. Robert W. Baird set a $20.00 target price on PROCEPT BioRobotics in a report on Wednesday, August 5th. Finally, Wells Fargo & Company cut PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 target price on the stock. in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Hold” and an average target price of $25.25.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55. The stock has a market cap of $1.18 billion, a P/E ratio of -10.21 and a beta of 0.88. The company’s 50 day moving average price is $19.32 and its 200-day moving average price is $23.18.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Wednesday, November 4th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.07). PROCEPT BioRobotics had a negative net margin of 32.60% and a negative return on equity of 32.71%. The firm had revenue of $98.29 million for the quarter, compared to the consensus estimate of $100.52 million. During the same period in the previous year, the business earned ($0.38) earnings per share. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities analysts forecast that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current fiscal year.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $109,961,000. Jupiter Topco LLC bought a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $24,914,000. William Blair Investment Management LLC bought a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $16,020,000. Bank of America Corp DE bought a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $11,656,000. Finally, CPMG Inc purchased a new position in PROCEPT BioRobotics in the first quarter valued at approximately $10,661,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms. The company’s technology is designed to provide a minimally invasive alternative to conventional surgical procedures.

Its primary product is the AquaBeam Robotic System, which uses image guidance, robotic assistance and a high-velocity waterjet to remove targeted prostate tissue.