PROCEPT BioRobotics (NASDAQ:PRCT) Stock Jumps 4.3% – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PRCT. Leerink Partners lowered PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $31.00 to $29.00 in a research note on Thursday, June 11th. Barclays assumed coverage on PROCEPT BioRobotics in a report on Tuesday. They issued an “overweight” rating and a $30.00 price target for the company. Truist Financial set a $21.00 target price on shares of PROCEPT BioRobotics in a research report on Wednesday, August 5th. Oppenheimer restated a “market perform” rating on shares of PROCEPT BioRobotics in a research note on Wednesday, September 9th. Finally, Evercore set a $23.00 target price on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. One research 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 given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.50.

PROCEPT BioRobotics Trading Up 4.1%

The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $19.95 and a 200-day moving average price of $22.52. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -9.39 and a beta of 0.92.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). The company had revenue of $94.50 million during the quarter, compared to analyst estimates of $92.77 million. PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%.The business’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. As a group, sell-side analysts predict that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood acquired 23,900 shares of PROCEPT BioRobotics stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average price of $20.85 per share, with a total value of $498,315.00. Following the purchase, the chief executive officer owned 23,900 shares in the company, valued at approximately $498,315. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 1,043 shares of company stock valued at $21,851 in the last ninety days. 4.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRCT. Versant Capital Management Inc increased its position in shares of PROCEPT BioRobotics by 70.3% during the third quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock valued at $37,000 after purchasing an additional 839 shares during the period. IFP Advisors Inc increased its holdings in PROCEPT BioRobotics by 11.9% during the 2nd quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock valued at $272,000 after purchasing an additional 1,287 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of PROCEPT BioRobotics in the second quarter worth about $597,000. Nykredit A S bought a new position in PROCEPT BioRobotics in the 2nd quarter valued at $27,000. Finally, VELA Investment Management LLC boosted its holdings in PROCEPT BioRobotics by 62.0% in the second quarter. VELA Investment Management LLC now owns 113,722 shares of the company’s stock valued at $2,568,000 after acquiring an additional 43,513 shares during the last quarter. 89.46% of the stock is owned by institutional investors.

About PROCEPT BioRobotics

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.