PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Up 9.9% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price shot up 9.9% on Monday . The company traded as high as $25.79 and last traded at $24.9320. 2,889,400 shares changed hands during mid-day trading, an increase of 88% from the average session volume of 1,535,660 shares. The stock had previously closed at $22.69.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRCT. TD Cowen lowered their price target on shares of PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Company lowered their target price on shares of PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday. Bank of America downgraded PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $38.00 to $20.00 in a research note on Thursday. Jefferies Financial Group lowered PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Finally, UBS Group initiated coverage on shares of PROCEPT BioRobotics in a report on Friday, December 12th. They issued a “buy” rating and a $62.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.90.

PROCEPT BioRobotics Trading Up 14.1%

The company has a debt-to-equity ratio of 0.14, a current ratio of 6.85 and a quick ratio of 5.77. The stock’s 50-day moving average is $30.00 and its two-hundred day moving average is $33.44. The company has a market cap of $1.46 billion, a P/E ratio of -15.15 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Wednesday, February 25th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.21). The company had revenue of $76.38 million for the quarter, compared to analysts’ expectations of $93.70 million. PROCEPT BioRobotics had a negative net margin of 31.02% and a negative return on equity of 25.13%. PROCEPT BioRobotics’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. As a group, equities research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. grew its stake in shares of PROCEPT BioRobotics by 58.6% during the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock valued at $122,052,000 after purchasing an additional 1,262,928 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of PROCEPT BioRobotics by 59.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock worth $102,919,000 after buying an additional 1,218,815 shares during the last quarter. Westfield Capital Management Co. LP grew its position in PROCEPT BioRobotics by 23.3% during the third quarter. Westfield Capital Management Co. LP now owns 1,970,147 shares of the company’s stock valued at $70,315,000 after buying an additional 371,798 shares during the period. Mackenzie Financial Corp grew its position in PROCEPT BioRobotics by 8.2% during the fourth quarter. Mackenzie Financial Corp now owns 1,573,405 shares of the company’s stock valued at $49,512,000 after buying an additional 118,971 shares during the period. Finally, Chicago Capital LLC increased its holdings in PROCEPT BioRobotics by 175.7% during the third quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock valued at $55,992,000 after buying an additional 999,873 shares during the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.