PROCEPT BioRobotics (NASDAQ:PRCT) Hits New 52-Week High - Here's Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $88.41 and last traded at $87.50, with a volume of 612365 shares trading hands. The stock had previously closed at $68.77.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PRCT. Piper Sandler reissued an "overweight" rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Bank of America boosted their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, August 22nd. TD Cowen lifted their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Friday, August 2nd. Finally, Truist Financial upped their target price on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, September 3rd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $86.40.

PROCEPT BioRobotics Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49. The stock's fifty day moving average price is $75.86 and its 200-day moving average price is $67.14. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of -44.02 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.02. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The business had revenue of $53.35 million during the quarter, compared to the consensus estimate of $50.10 million. During the same period in the prior year, the firm earned ($0.56) EPS. PROCEPT BioRobotics's quarterly revenue was up 61.2% compared to the same quarter last year. Equities research analysts predict that PROCEPT BioRobotics Co. will post -1.88 EPS for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 44,867 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $80.11, for a total transaction of $3,594,295.37. Following the transaction, the director now directly owns 197,453 shares in the company, valued at approximately $15,817,959.83. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 44,867 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $80.11, for a total value of $3,594,295.37. Following the completion of the sale, the director now owns 197,453 shares of the company's stock, valued at approximately $15,817,959.83. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin Waters sold 25,000 shares of the firm's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total value of $1,811,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $6,964,077.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 179,892 shares of company stock valued at $13,946,415. Corporate insiders own 17.40% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of PROCEPT BioRobotics by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company's stock worth $175,376,000 after buying an additional 109,694 shares during the last quarter. M&G Plc bought a new position in PROCEPT BioRobotics in the 2nd quarter valued at approximately $8,507,000. Federated Hermes Inc. grew its position in PROCEPT BioRobotics by 788.9% during the 2nd quarter. Federated Hermes Inc. now owns 183,420 shares of the company's stock worth $11,205,000 after acquiring an additional 162,785 shares during the last quarter. Nicholas Investment Partners LP bought a new stake in shares of PROCEPT BioRobotics during the second quarter worth about $4,657,000. Finally, ProShare Advisors LLC grew its holdings in PROCEPT BioRobotics by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 7,250 shares of the company's stock worth $358,000 after acquiring an additional 570 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).