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

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’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) 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).