PROCEPT BioRobotics (NASDAQ:PRCT) Trading Up 7.5% – What’s Next?

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shot up 7.5% on Wednesday . The company traded as high as $31.82 and last traded at $31.75. 357,736 shares traded hands during trading, a decline of 67% from the average session volume of 1,090,849 shares. The stock had previously closed at $29.53.

Analyst Upgrades and Downgrades

PRCT has been the topic of a number of recent analyst reports. Leerink Partners reissued an “outperform” rating and issued a $55.00 price objective on shares of PROCEPT BioRobotics in a research note on Wednesday, November 5th. TD Cowen cut their price target on PROCEPT BioRobotics from $85.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Morgan Stanley reduced their price target on shares of PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday. Truist Financial lowered their price objective on shares of PROCEPT BioRobotics from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, October 15th. Finally, Oppenheimer upgraded shares of PROCEPT BioRobotics from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Tuesday, September 2nd. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.89.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.20 and a current ratio of 8.44. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -20.60 and a beta of 0.99. The firm’s 50-day moving average price is $33.17 and its 200 day moving average price is $44.67.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.03. PROCEPT BioRobotics had a negative net margin of 28.20% and a negative return on equity of 21.72%. The firm had revenue of $83.33 million for the quarter, compared to analysts’ expectations of $80.78 million. During the same period last year, the firm earned ($0.40) earnings per share. The business’s revenue for the quarter was up 42.6% on a year-over-year basis. On average, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds have recently added to or reduced their stakes in the stock. Advisory Services Network LLC boosted its holdings in PROCEPT BioRobotics by 1.3% during the second quarter. Advisory Services Network LLC now owns 20,109 shares of the company’s stock worth $1,158,000 after buying an additional 250 shares during the last quarter. Vega Investment Solutions raised its position in shares of PROCEPT BioRobotics by 52.0% in the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company’s stock valued at $45,000 after acquiring an additional 265 shares during the period. Frank Rimerman Advisors LLC boosted its stake in PROCEPT BioRobotics by 0.3% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 122,389 shares of the company’s stock worth $4,368,000 after acquiring an additional 307 shares during the last quarter. RiverPark Advisors LLC grew its holdings in PROCEPT BioRobotics by 22.5% during the second quarter. RiverPark Advisors LLC now owns 1,761 shares of the company’s stock valued at $101,000 after purchasing an additional 324 shares during the period. Finally, Osaic Holdings Inc. increased its stake in PROCEPT BioRobotics by 20.3% in the second quarter. Osaic Holdings Inc. now owns 2,001 shares of the company’s stock valued at $115,000 after purchasing an additional 337 shares in the last quarter. Institutional investors and hedge funds 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).