PROCEPT BioRobotics (NASDAQ:PRCT) Reaches New 52-Week High at $54.79

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $54.79 and last traded at $53.62, with a volume of 53366 shares changing hands. The stock had previously closed at $53.75.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRCT. Truist Financial lifted their target price on PROCEPT BioRobotics from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. Wells Fargo & Company upped their target price on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Six 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 target price of $45.60.

PROCEPT BioRobotics Trading Down 1.6 %

The firm has a market cap of $2.69 billion, a P/E ratio of -23.82 and a beta of 1.01. The stock has a 50 day simple moving average of $49.19 and a 200-day simple moving average of $42.32. The company has a current ratio of 7.63, a quick ratio of 6.77 and a debt-to-equity ratio of 0.18.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.10). PROCEPT BioRobotics had a negative net margin of 77.75% and a negative return on equity of 46.59%. The business had revenue of $43.58 million for the quarter, compared to analysts’ expectations of $41.79 million. During the same period in the previous year, the company earned ($0.56) EPS. PROCEPT BioRobotics’s revenue for the quarter was up 83.3% compared to the same quarter last year. On average, equities research analysts expect that PROCEPT BioRobotics Co. will post -2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Kevin Waters sold 904 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $50.00, for a total value of $45,200.00. Following the completion of the sale, the chief financial officer now directly owns 33,523 shares of the company’s stock, valued at approximately $1,676,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Kevin Waters sold 904 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $50.00, for a total value of $45,200.00. Following the sale, the chief financial officer now owns 33,523 shares of the company’s stock, valued at $1,676,150. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Reza Zadno sold 9,179 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $46.67, for a total transaction of $428,383.93. Following the completion of the sale, the chief executive officer now owns 246,710 shares of the company’s stock, valued at approximately $11,513,955.70. The disclosure for this sale can be found here. Insiders have sold 94,149 shares of company stock valued at $4,653,720 over the last ninety days. 19.60% of the stock is owned by insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of large investors have recently bought and sold shares of the business. FMR LLC lifted its position in shares of PROCEPT BioRobotics by 13.0% during the third quarter. FMR LLC now owns 7,553,460 shares of the company’s stock worth $247,829,000 after purchasing an additional 870,364 shares during the last quarter. Vanguard Group Inc. lifted its holdings in PROCEPT BioRobotics by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock valued at $175,376,000 after buying an additional 109,694 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in PROCEPT BioRobotics by 89.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,345,454 shares of the company’s stock valued at $44,144,000 after buying an additional 636,750 shares during the period. Wellington Management Group LLP grew its stake in PROCEPT BioRobotics by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock worth $44,663,000 after acquiring an additional 260,946 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of PROCEPT BioRobotics by 48.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 923,437 shares of the company’s stock worth $30,298,000 after acquiring an additional 303,003 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

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).