PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up – Time to Buy?

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $69.62, but opened at $73.50. PROCEPT BioRobotics shares last traded at $73.69, with a volume of 213,413 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. TD Cowen lifted their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Bank of America lifted their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday. Wells Fargo & Company raised their target price on shares of 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 lifted their target price on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $78.17.

PROCEPT BioRobotics Stock Performance

The company has a market cap of $3.68 billion, a price-to-earnings ratio of -33.87 and a beta of 1.03. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20. The stock’s 50 day moving average price is $73.44 and its 200 day moving average price is $64.95.

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

Insider Transactions at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 44,867 shares of PROCEPT BioRobotics stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $80.11, for a total value of $3,594,295.37. Following the transaction, the director now owns 197,453 shares in the company, valued at approximately $15,817,959.83. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Kevin Waters sold 25,000 shares of the business’s 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 transaction, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $7,928,880.96. 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 the SEC website. Also, Director Antal Rohit Desai sold 44,867 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $80.11, for a total transaction of $3,594,295.37. Following the completion of the sale, the director now directly owns 197,453 shares of the company’s stock, valued at $15,817,959.83. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,892 shares of company stock worth $12,134,665 in the last ninety days. Insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of PROCEPT BioRobotics by 1.5% during the first quarter. Vanguard Group Inc. now owns 4,246,749 shares of the company’s stock worth $209,874,000 after acquiring an additional 62,164 shares during the last quarter. Wellington Management Group LLP increased its holdings in PROCEPT BioRobotics by 32.4% during the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock worth $44,663,000 after purchasing an additional 260,946 shares during the last quarter. Bellevue Group AG boosted its stake in shares of PROCEPT BioRobotics by 0.5% during the 1st quarter. Bellevue Group AG now owns 890,114 shares of the company’s stock valued at $43,989,000 after buying an additional 4,768 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of PROCEPT BioRobotics by 8.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 627,822 shares of the company’s stock valued at $31,027,000 after buying an additional 51,305 shares during the last quarter. Finally, Point72 Europe London LLP grew its position in shares of PROCEPT BioRobotics by 30.5% during the fourth quarter. Point72 Europe London LLP now owns 530,071 shares of the company’s stock worth $22,215,000 after buying an additional 123,800 shares in the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

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).