PROCEPT BioRobotics (NASDAQ:PRCT) Hits New 12-Month High - Here's What Happened

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $99.35 and last traded at $99.07, with a volume of 741263 shares changing hands. The stock had previously closed at $96.23.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PRCT shares. Piper Sandler reiterated an "overweight" rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a "buy" rating in a report on Monday, September 16th. Truist Financial reaffirmed a "buy" rating and issued a $105.00 target price (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Bank of America raised their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a "buy" rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company lifted their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an "overweight" rating in a research report on Friday, August 2nd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $88.40.

PROCEPT BioRobotics Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The company has a 50-day moving average of $79.03 and a 200 day moving average of $69.62.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business had revenue of $58.40 million during the quarter, compared to analysts' expectations of $53.30 million. During the same quarter in the previous year, the company earned ($0.51) EPS. The business's quarterly revenue was up 66.4% compared to the same quarter last year. As a group, equities research analysts predict that PROCEPT BioRobotics Co. will post -1.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 34,000 shares of PROCEPT BioRobotics stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $95.39, for a total transaction of $3,243,260.00. Following the transaction, the director now directly owns 164,363 shares of the company's stock, valued at approximately $15,678,586.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Antal Rohit Desai sold 34,000 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $95.39, for a total value of $3,243,260.00. Following the completion of the sale, the director now owns 164,363 shares of the company's stock, valued at approximately $15,678,586.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin Waters sold 25,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 96,096 shares in the company, valued at approximately $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 535,353 shares of company stock worth $46,627,426 in the last quarter. 17.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its holdings in PROCEPT BioRobotics by 151.9% in the first quarter. Quantbot Technologies LP now owns 30,574 shares of the company's stock worth $1,511,000 after acquiring an additional 18,437 shares in the last quarter. Swiss National Bank raised its holdings in PROCEPT BioRobotics by 1.8% in the first quarter. Swiss National Bank now owns 89,700 shares of the company's stock worth $4,433,000 after buying an additional 1,600 shares during the last quarter. Sei Investments Co. increased its position in shares of PROCEPT BioRobotics by 35.9% during the first quarter. Sei Investments Co. now owns 22,777 shares of the company's stock valued at $1,126,000 after acquiring an additional 6,011 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of PROCEPT BioRobotics by 8.5% in the first quarter. ProShare Advisors LLC now owns 7,250 shares of the company's stock worth $358,000 after purchasing an additional 570 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of PROCEPT BioRobotics by 8.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 627,822 shares of the company's stock worth $31,027,000 after buying an additional 51,305 shares in the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.