PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 3.8% - Here's What Happened

PROCEPT BioRobotics Co. (NASDAQ:PRCT - Get Free Report) rose 3.8% on Friday . The stock traded as high as $89.50 and last traded at $89.14. Approximately 247,278 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 660,249 shares. The stock had previously closed at $85.91.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PRCT shares. Bank of America lifted 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. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a research note on Thursday. They set a "hold" rating and a $95.00 price objective for the company. TD Cowen lifted their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a "buy" rating in a report on Monday, September 16th. Truist Financial restated a "buy" rating and issued a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.50.

PROCEPT BioRobotics Price Performance

The stock has a market capitalization of $4.64 billion, a P/E ratio of -45.61 and a beta of 1.01. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $80.97 and a two-hundred day simple moving average of $71.45.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09. The business had revenue of $58.40 million for the quarter, compared to analyst estimates of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. PROCEPT BioRobotics's revenue was up 66.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.51) earnings per share. Sell-side analysts expect that PROCEPT BioRobotics Co. will post -1.74 EPS for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In related news, CEO Reza Zadno sold 288,461 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the completion of the transaction, the chief executive officer now owns 258,445 shares in the company, valued at approximately $23,518,495. The trade was a 52.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Antal Rohit Desai sold 33,000 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $96.60, for a total transaction of $3,187,800.00. Following the completion of the sale, the director now owns 231,363 shares in the company, valued at approximately $22,349,665.80. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 535,353 shares of company stock worth $46,627,426. 17.40% of the stock is owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several large investors have recently modified their holdings of the business. Essex Investment Management Co. LLC increased its position in shares of PROCEPT BioRobotics by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 80,992 shares of the company's stock worth $6,489,000 after acquiring an additional 228 shares in the last quarter. Values First Advisors Inc. bought a new position in PROCEPT BioRobotics during the 3rd quarter worth about $27,000. Arizona State Retirement System raised its stake in shares of PROCEPT BioRobotics by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 12,840 shares of the company's stock valued at $784,000 after purchasing an additional 350 shares during the period. KBC Group NV lifted its holdings in shares of PROCEPT BioRobotics by 32.6% in the third quarter. KBC Group NV now owns 1,531 shares of the company's stock valued at $123,000 after purchasing an additional 376 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of PROCEPT BioRobotics by 4.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,913 shares of the company's stock worth $606,000 after buying an additional 408 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Company Profile

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).