PROCEPT BioRobotics (NASDAQ:PRCT) Shares Climb 4.3% – Here’s What Happened

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shot up 4.3% during trading on Wednesday. The stock traded as high as $18.30 and last traded at $18.27. 63,755 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 1,526,284 shares. The stock had previously closed at $17.51.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup cut shares of PROCEPT BioRobotics to a “hold” rating in a research note on Thursday, July 2nd. Wells Fargo & Company downgraded shares of PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective for the company. in a report on Wednesday, August 5th. William Blair lowered PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 5th. TD Cowen reduced their target price on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $20.00 target price on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $25.50.

PROCEPT BioRobotics Price Performance

The company has a market cap of $1.03 billion, a P/E ratio of -9.23 and a beta of 0.92. The firm’s 50-day moving average is $19.95 and its two-hundred day moving average is $22.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.55 and a quick ratio of 5.35.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The business had revenue of $94.50 million for the quarter, compared to the consensus estimate of $92.77 million. During the same quarter last year, the business earned ($0.35) EPS. PROCEPT BioRobotics’s revenue for the quarter was up 19.3% compared to the same quarter last year. Analysts anticipate that PROCEPT BioRobotics Corporation will post -1.67 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Larry Wood purchased 23,900 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was bought at an average price of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the transaction, the chief executive officer owned 23,900 shares in the company, valued at approximately $498,315. The trade was a ? increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 1,043 shares of company stock valued at $21,851 in the last ninety days. Company insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of PROCEPT BioRobotics in the 2nd quarter worth approximately $109,961,000. Wellington Management Group LLP raised its holdings in PROCEPT BioRobotics by 47.9% during the 2nd quarter. Wellington Management Group LLP now owns 1,274,004 shares of the company’s stock valued at $28,767,000 after buying an additional 412,399 shares during the period. Jupiter Topco LLC bought a new stake in PROCEPT BioRobotics in the second quarter worth $24,914,000. Rhenman & Partners Asset Management AB boosted its stake in PROCEPT BioRobotics by 56.7% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 611,000 shares of the company’s stock worth $19,222,000 after buying an additional 221,000 shares during the period. Finally, William Blair Investment Management LLC bought a new position in PROCEPT BioRobotics during the second quarter valued at $16,020,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company’s primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT’s flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company’s AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.