PROCEPT BioRobotics (NASDAQ:PRCT) Sets New 1-Year High Following Better-Than-Expected Earnings

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price reached a new 52-week high on Monday following a stronger than expected earnings report. The company traded as high as $88.41 and last traded at $87.50, with a volume of 612365 shares changing hands. The stock had previously closed at $68.77.

The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The company had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. During the same period last year, the business earned ($0.51) EPS. PROCEPT BioRobotics’s quarterly revenue was up 66.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PRCT shares. TD Cowen lifted their price objective 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 upped their price objective on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Piper Sandler reissued an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Bank of America upped their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company raised their price objective on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $86.40.

Insider Transactions at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 13,305 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Antal Rohit Desai sold 13,305 shares of the stock in a transaction on 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on Monday, September 16th. The shares were sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the transaction, the chief financial officer now owns 96,096 shares in the company, valued at approximately $7,928,880.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 179,892 shares of company stock valued at $13,946,415 over the last quarter. 17.40% of the stock is currently owned by company insiders.

Institutional Trading of PROCEPT BioRobotics

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

PROCEPT BioRobotics Stock Performance

The stock has a market cap of $5.02 billion, a P/E ratio of -46.94 and a beta of 1.03. 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 firm’s 50-day moving average price is $76.37 and its 200-day moving average price is $67.41.

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).