PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 3.9% After Better-Than-Expected Earnings

PROCEPT BioRobotics Co. (NASDAQ:PRCT) shares were up 3.9% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $96.02 and last traded at $94.52. Approximately 705,579 shares were traded during trading, an increase of 12% from the average daily 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 firm had revenue of $58.40 million for the quarter, compared to analyst estimates of $53.30 million. During the same period in the prior year, the firm posted ($0.51) earnings per share. The company’s quarterly revenue was up 66.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

PRCT has been the subject of a number of research reports. Piper Sandler restated an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Wells Fargo & Company raised their price target 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. Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday. TD Cowen lifted their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Bank of America boosted their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research report on Thursday, August 22nd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $88.40.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the completion of the sale, the director now owns 317,518 shares in the company, valued at $24,248,849.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were 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 of the company’s stock, valued at $7,928,880.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the sale, the director now directly owns 317,518 shares in the company, valued at approximately $24,248,849.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 179,892 shares of company stock worth $13,946,415. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors have recently added to or reduced their stakes in the business. Values First Advisors Inc. bought a new position in shares of PROCEPT BioRobotics in the third quarter worth approximately $27,000. Mark Sheptoff Financial Planning LLC bought a new position in PROCEPT BioRobotics during the second quarter valued at approximately $36,000. Quest Partners LLC grew its position in PROCEPT BioRobotics by 2,492.3% during the second quarter. Quest Partners LLC now owns 674 shares of the company’s stock valued at $41,000 after acquiring an additional 648 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of PROCEPT BioRobotics by 178.3% during the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock valued at $89,000 after purchasing an additional 713 shares during the period. Finally, Sentry Investment Management LLC purchased a new stake in shares of PROCEPT BioRobotics during the third quarter valued at approximately $120,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Stock Performance

The stock has a market cap of $4.83 billion, a PE ratio of -47.09 and a beta of 1.03. The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49. The business has a 50 day moving average price of $77.01 and a two-hundred day moving average price of $67.73.

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).