PROCEPT BioRobotics (NASDAQ:PRCT) Stock Jumps 14.7% – Still a Buy?

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price rose 14.7% on Wednesday. The company traded as high as $23.13 and last traded at $23.1450. Approximately 588,267 shares were traded during 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

Several equities analysts recently commented on PRCT shares. Oppenheimer reissued a “market perform” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. Piper Sandler raised shares of PROCEPT BioRobotics to a “strong-buy” rating in a research note on Friday, October 16th. Barclays initiated coverage on PROCEPT BioRobotics in a report on Tuesday, October 6th. They issued an “overweight” rating and a $30.00 price target on the stock. Robert W. Baird set a $20.00 price objective on shares of PROCEPT BioRobotics in a research report on Wednesday, August 5th. Finally, Evercore set a $23.00 target price on PROCEPT BioRobotics in a report on Wednesday, August 5th. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, PROCEPT BioRobotics presently has a consensus rating of “Hold” and an average target price of $25.50.

PROCEPT BioRobotics Stock Up 8.7%

The company has a debt-to-equity ratio of 0.15, a current ratio of 6.55 and a quick ratio of 5.35. The business has a 50 day simple moving average of $19.33 and a 200 day simple moving average of $23.27. The stock has a market cap of $1.26 billion, a PE ratio of -11.32 and a beta of 0.88.

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

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood acquired 23,900 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the acquisition, the chief executive officer owned 23,900 shares of the company’s stock, valued at approximately $498,315. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 1,043 shares of company stock valued at $21,851 in the last three months. Corporate insiders own 4.00% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently made changes to their positions in PRCT. Fulcrum Asset Management LLP increased its holdings in shares of PROCEPT BioRobotics by 19,930.2% during the 3rd quarter. Fulcrum Asset Management LLP now owns 21,232 shares of the company’s stock worth $387,000 after purchasing an additional 21,126 shares during the period. Parallel Advisors LLC raised its position in shares of PROCEPT BioRobotics by 51.8% during the third quarter. Parallel Advisors LLC now owns 3,656 shares of the company’s stock valued at $67,000 after buying an additional 1,247 shares during the last quarter. Inscription Capital LLC lifted its stake in shares of PROCEPT BioRobotics by 4.1% in the third quarter. Inscription Capital LLC now owns 42,398 shares of the company’s stock valued at $772,000 after buying an additional 1,662 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PROCEPT BioRobotics in the third quarter valued at about $159,000. Finally, Americana Partners LLC grew its position in PROCEPT BioRobotics by 58.1% during the third quarter. Americana Partners LLC now owns 24,741 shares of the company’s stock worth $451,000 after buying an additional 9,091 shares in 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 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.