PROCEPT BioRobotics (NASDAQ:PRCT) Sees Unusually-High Trading Volume – Here’s Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT) saw unusually-strong trading volume on Tuesday . Approximately 1,262,902 shares changed hands during trading, an increase of 65% from the previous session’s volume of 764,678 shares.The stock last traded at $69.24 and had previously closed at $76.02.

Analyst Upgrades and Downgrades

PRCT has been the topic of several recent research reports. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and issued a $75.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Morgan Stanley assumed coverage on PROCEPT BioRobotics in a report on Monday, December 2nd. They issued an “overweight” rating and a $105.00 target price for the company. Jefferies Financial Group assumed coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target on the stock. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $97.86.

PROCEPT BioRobotics Price Performance

The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $88.09 and a two-hundred day moving average of $79.18. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -35.80 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The company’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same period last year, the firm earned ($0.51) EPS. On average, equities research analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, CEO Reza Zadno sold 26,423 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total value of $2,568,844.06. Following the completion of the transaction, the chief executive officer now directly owns 152,762 shares in the company, valued at approximately $14,851,521.64. This represents a 14.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total value of $2,728,575.96. Following the sale, the executive vice president now directly owns 52,472 shares in the company, valued at approximately $5,096,605.36. The trade was a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 462,816 shares of company stock worth $43,008,799 over the last ninety days. 17.40% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

Several institutional investors and hedge funds have recently bought and sold shares of PRCT. State Street Corp increased its holdings in shares of PROCEPT BioRobotics by 5.9% in the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock worth $94,503,000 after acquiring an additional 66,175 shares during the period. Geode Capital Management LLC raised its stake in shares of PROCEPT BioRobotics by 8.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,106,588 shares of the company’s stock worth $88,678,000 after buying an additional 84,244 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in PROCEPT BioRobotics in the 3rd quarter valued at about $72,563,000. Franklin Resources Inc. lifted its stake in PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock valued at $64,669,000 after purchasing an additional 347,330 shares during the last quarter. Finally, Perpetual Ltd acquired a new position in shares of PROCEPT BioRobotics in the 4th quarter worth $66,972,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).