PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 3.9% After Strong Earnings

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) traded up 3.9% on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $96.02 and last traded at $94.52. 705,579 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 630,296 shares. The stock had previously closed at $91.00.

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 for the quarter, compared to the consensus estimate of $53.30 million. During the same quarter in the previous year, the firm posted ($0.51) EPS. The business’s revenue was up 66.4% compared to the same quarter last year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRCT shares. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Bank of America raised their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. TD Cowen upped their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company raised their target price on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Finally, Truist Financial upped their price target on PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $86.40.

Insider Activity

In related news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Antal Rohit Desai sold 13,305 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 179,892 shares of company stock worth $13,946,415. Insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

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

PROCEPT BioRobotics Stock Up 6.3 %

The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51. The company has a market cap of $5.02 billion, a P/E ratio of -46.43 and a beta of 1.03. The firm’s 50-day simple moving average is $76.37 and its 200 day simple moving average is $67.41.

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).