PROCEPT BioRobotics (NASDAQ:PRCT) Sees Strong Trading Volume – Here’s What Happened

PROCEPT BioRobotics Co. (NASDAQ:PRCT) saw unusually-strong trading volume on Tuesday . Approximately 1,262,902 shares traded hands during trading, an increase of 65% from the previous session’s volume of 764,678 shares.The stock last traded at $69.24 and had previously closed at $76.02.

Analyst Upgrades and Downgrades

PRCT has been the topic of a number of recent research reports. Wells Fargo & Company restated an “overweight” rating and issued a $112.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Piper Sandler reissued an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Truist Financial reaffirmed a “buy” rating and set a $105.00 price objective (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a research report on Monday, December 2nd. They issued an “overweight” rating and a $105.00 target price for the company. Finally, Jefferies Financial Group began coverage on shares of PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.86.

PROCEPT BioRobotics Stock Performance

The company has a market cap of $3.63 billion, a price-to-earnings ratio of -35.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The firm has a fifty day simple moving average of $87.10 and a 200 day simple moving average of $79.14.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the business posted ($0.51) EPS. On average, sell-side analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Reza Zadno sold 26,420 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $92.57, for a total transaction of $2,445,699.40. Following the completion of the transaction, the chief executive officer now directly owns 205,605 shares in the company, valued at $19,032,854.85. This represents a 11.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares in the company, valued at $5,096,605.36. This represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 462,816 shares of company stock valued at $43,008,799. Insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently made changes to their positions in the stock. KBC Group NV boosted its stake in PROCEPT BioRobotics by 46.0% during the fourth quarter. KBC Group NV now owns 2,236 shares of the company’s stock worth $180,000 after buying an additional 705 shares in the last quarter. Raleigh Capital Management Inc. bought a new position in shares of PROCEPT BioRobotics during the 4th quarter worth about $32,000. SG Americas Securities LLC boosted its position in shares of PROCEPT BioRobotics by 295.8% during the 4th quarter. SG Americas Securities LLC now owns 6,598 shares of the company’s stock valued at $531,000 after acquiring an additional 4,931 shares in the last quarter. Enclave Advisors LLC increased its stake in PROCEPT BioRobotics by 5.3% in the fourth quarter. Enclave Advisors LLC now owns 29,568 shares of the company’s stock valued at $2,381,000 after acquiring an additional 1,499 shares during the period. Finally, Perpetual Ltd acquired a new position in PROCEPT BioRobotics in the fourth quarter worth about $66,972,000. Institutional investors own 89.46% of the company’s stock.

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).