PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Up 3.9% on Better-Than-Expected Earnings

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price traded up 3.9% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $96.02 and last traded at $94.52. 705,579 shares changed hands 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) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09. The firm 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 58.73% and a negative return on equity of 37.85%. The company’s revenue for the quarter was up 66.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.51) EPS.

Analysts Set New Price Targets

PRCT has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Wells Fargo & Company lifted their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. TD Cowen upped their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Truist Financial raised their price objective on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America upped 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $86.40.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 35,220 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total value of $2,680,946.40. Following the sale, the director now owns 23,963 shares in the company, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the transaction, the chief financial officer now directly owns 96,096 shares in the company, valued at $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Antal Rohit Desai sold 35,220 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total value of $2,680,946.40. Following the completion of the transaction, the director now directly owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 179,892 shares of company stock worth $13,946,415 over the last three months. 17.40% of the stock is currently owned by insiders.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently modified their holdings of PRCT. Blair William & Co. IL bought a new position in PROCEPT BioRobotics in the first quarter worth $21,240,000. Chicago Capital LLC bought a new position in shares of PROCEPT BioRobotics during the 2nd quarter worth about $14,233,000. Federated Hermes Inc. boosted its position in shares of PROCEPT BioRobotics by 788.9% during the 2nd quarter. Federated Hermes Inc. now owns 183,420 shares of the company’s stock valued at $11,205,000 after acquiring an additional 162,785 shares in the last quarter. Transatlantique Private Wealth LLC bought a new stake in PROCEPT BioRobotics in the second quarter valued at about $9,164,000. Finally, M&G Plc acquired a new position in PROCEPT BioRobotics in the second quarter worth about $8,507,000. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Trading Up 3.9 %

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 business’s 50 day simple moving average is $75.86 and its 200 day simple moving average is $67.14. The stock has a market cap of $4.91 billion, a P/E ratio of -44.09 and a beta of 1.03.

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).