PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 3.9% on Earnings Beat

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report)'s stock price traded up 3.9% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $96.02 and last traded at $94.52. 705,579 shares were traded during mid-day trading, an increase of 12% from the average session volume of 630,296 shares. The stock had previously closed at $91.00.

The company reported ($0.40) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.09. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The company's quarterly revenue was up 66.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.51) EPS.

Analyst Ratings Changes

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

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of the company's stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $76.37, for a total value of $1,016,102.85. Following the transaction, the director now directly owns 317,518 shares of the company's stock, valued at $24,248,849.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Kevin Waters sold 25,000 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Antal Rohit Desai sold 13,305 shares of the firm's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the transaction, the director now owns 317,518 shares in the company, valued at approximately $24,248,849.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,892 shares of company stock worth $13,946,415. Corporate insiders own 17.40% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

Several large investors have recently made changes to their positions in PRCT. Values First Advisors Inc. acquired a new position in PROCEPT BioRobotics in the 3rd quarter valued at $27,000. Mark Sheptoff Financial Planning LLC bought a new stake in PROCEPT BioRobotics during the second quarter valued at about $36,000. Quest Partners LLC grew its position in shares of PROCEPT BioRobotics by 2,492.3% in the second quarter. Quest Partners LLC now owns 674 shares of the company's stock valued at $41,000 after purchasing an additional 648 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company's stock valued at $89,000 after purchasing an additional 713 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of PROCEPT BioRobotics in the second quarter worth about $128,000. Institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Stock Up 6.3 %

The firm has a 50-day moving average of $76.37 and a two-hundred day moving average of $67.41. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of -46.43 and a beta of 1.03. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20.

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).