PROCEPT BioRobotics (NASDAQ:PRCT) Trading 7.2% Higher – What’s Next?

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) rose 7.2% during mid-day trading on Wednesday . The company traded as high as $26.10 and last traded at $25.91. Approximately 1,150,046 shares were traded during trading, a decline of 30% from the average daily volume of 1,645,646 shares. The stock had previously closed at $24.17.

Wall Street Analysts Forecast Growth

PRCT has been the topic of a number of research reports. Leerink Partners dropped their price target on shares of PROCEPT BioRobotics from $55.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, February 26th. Bank of America downgraded PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $38.00 to $20.00 in a report on Thursday, February 26th. Piper Sandler decreased their target price on shares of PROCEPT BioRobotics from $50.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday, February 26th. Robert W. Baird initiated coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They issued a “neutral” rating and a $30.00 price objective for the company. Finally, Wells Fargo & Company lowered their price objective on PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.82.

PROCEPT BioRobotics Stock Performance

The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -15.52 and a beta of 1.02. The firm has a fifty day simple moving average of $28.96 and a 200-day simple moving average of $32.71. The company has a current ratio of 6.85, a quick ratio of 5.77 and a debt-to-equity ratio of 0.14.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Wednesday, February 25th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.21). PROCEPT BioRobotics had a negative return on equity of 25.13% and a negative net margin of 31.02%.The business had revenue of $76.38 million for the quarter, compared to analyst estimates of $93.70 million. During the same period in the previous year, the firm posted ($0.35) EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. Analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Kevin Waters sold 6,721 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total value of $159,287.70. Following the completion of the sale, the executive vice president owned 152,264 shares of the company’s stock, valued at approximately $3,608,656.80. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Antal Rohit Desai bought 98,699 shares of the company’s stock in a transaction on Monday, March 9th. The shares were bought at an average price of $24.55 per share, for a total transaction of $2,423,060.45. Following the transaction, the director owned 426,262 shares of the company’s stock, valued at approximately $10,464,732.10. This represents a 30.13% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 426,262 shares of company stock worth $10,483,091 in the last 90 days. Insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Prosight Management LP lifted its holdings in PROCEPT BioRobotics by 1,692.4% in the fourth quarter. Prosight Management LP now owns 1,380,000 shares of the company’s stock worth $43,415,000 after buying an additional 1,303,009 shares during the period. Alliancebernstein L.P. lifted its stake in shares of PROCEPT BioRobotics by 58.6% in the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after purchasing an additional 1,262,928 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of PROCEPT BioRobotics by 59.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock worth $102,919,000 after purchasing an additional 1,218,815 shares during the period. Chicago Capital LLC boosted its holdings in shares of PROCEPT BioRobotics by 175.7% in the third quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock worth $55,992,000 after buying an additional 999,873 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in PROCEPT BioRobotics by 113.5% during the second quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company’s stock valued at $92,065,000 after buying an additional 849,792 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.