PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up to $65.00

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $65.00, but opened at $70.10. PROCEPT BioRobotics shares last traded at $73.57, with a volume of 509,984 shares.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRCT. TD Cowen increased their target price on PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Piper Sandler raised their price objective on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Truist Financial restated a “buy” rating and set a $74.00 price objective (down previously from $79.00) on shares of PROCEPT BioRobotics in a research note on Friday, August 2nd. Finally, Wells Fargo & Company raised their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $66.00.

PROCEPT BioRobotics Stock Performance

The firm has a 50 day moving average of $63.54 and a two-hundred day moving average of $57.84. The stock has a market cap of $3.84 billion, a P/E ratio of -34.70 and a beta of 1.00. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.02. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The company had revenue of $53.35 million during the quarter, compared to the consensus estimate of $50.10 million. During the same quarter last year, the company earned ($0.56) EPS. The company’s quarterly revenue was up 61.2% on a year-over-year basis. On average, research analysts predict that PROCEPT BioRobotics Co. will post -1.88 EPS for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In related news, EVP Alaleh Nouri sold 10,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the completion of the sale, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at approximately $3,262,708.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Alaleh Nouri sold 10,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the completion of the sale, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at approximately $3,262,708.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Hisham Shiblaq sold 26,046 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $68.24, for a total value of $1,777,379.04. Following the sale, the executive vice president now directly owns 55,860 shares of the company’s stock, valued at $3,811,886.40. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently made changes to their positions in PRCT. Creative Planning bought a new position in shares of PROCEPT BioRobotics in the 2nd quarter worth $322,000. Algert Global LLC bought a new position in PROCEPT BioRobotics during the second quarter worth about $1,651,000. Driehaus Capital Management LLC lifted its holdings in PROCEPT BioRobotics by 25.9% during the second quarter. Driehaus Capital Management LLC now owns 349,394 shares of the company’s stock worth $21,344,000 after acquiring an additional 71,930 shares in the last quarter. Lighthouse Investment Partners LLC lifted its holdings in PROCEPT BioRobotics by 144.5% during the second quarter. Lighthouse Investment Partners LLC now owns 64,313 shares of the company’s stock worth $3,929,000 after acquiring an additional 38,013 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in PROCEPT BioRobotics during the second quarter worth about $515,000. 89.46% of the stock is owned by institutional investors and hedge funds.

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).