PROCEPT BioRobotics (NASDAQ:PRCT) Stock Jumps 7.6% – Still a Buy?

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price was up 7.6% on Thursday. The company traded as high as $19.54 and last traded at $19.6580. 229,686 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 1,514,166 shares. The stock had previously closed at $18.27.

Wall Street Analyst Weigh In

Several analysts have issued reports on PRCT shares. Truist Financial set a $21.00 price objective on PROCEPT BioRobotics in a report on Wednesday, August 5th. Wells Fargo & Company lowered shares of PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective for the company. in a research note on Wednesday, August 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Thursday, October 15th. TD Cowen dropped their target price on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, UBS Group downgraded shares of PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 target price on the stock. in a research report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.50.

PROCEPT BioRobotics Trading Down 0.3%

The company has a market cap of $1.14 billion, a PE ratio of -10.29 and a beta of 0.92. 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 company has a 50 day simple moving average of $19.57 and a two-hundred day simple moving average of $21.91.

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

Insider Activity at PROCEPT BioRobotics

In related news, CEO Larry Wood purchased 23,900 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.85 per share, with a total value of $498,315.00. Following the completion of the purchase, the chief executive officer owned 23,900 shares of the company’s stock, valued at $498,315. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 1,043 shares of company stock worth $21,851. Insiders own 4.00% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Institutional investors have recently bought and sold shares of the company. Signaturefd LLC raised its position in PROCEPT BioRobotics by 162.7% during the third quarter. Signaturefd LLC now owns 1,899 shares of the company’s stock valued at $35,000 after acquiring an additional 1,176 shares in the last quarter. Sterling Capital Management LLC lifted its stake in PROCEPT BioRobotics by 849.2% in the third quarter. Sterling Capital Management LLC now owns 1,870 shares of the company’s stock valued at $34,000 after acquiring an additional 1,673 shares during the last quarter. Versant Capital Management Inc grew its position in PROCEPT BioRobotics by 70.3% in the third quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock worth $37,000 after acquiring an additional 839 shares in the last quarter. IFP Advisors Inc grew its position in PROCEPT BioRobotics by 11.9% in the second quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock worth $272,000 after acquiring an additional 1,287 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new stake in PROCEPT BioRobotics in the second quarter worth approximately $597,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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.