PROCEPT BioRobotics (NASDAQ:PRCT) Sees Unusually-High Trading Volume – Time to Buy?

PROCEPT BioRobotics Co. (NASDAQ:PRCT) saw strong trading volume on Tuesday . 1,262,902 shares traded 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.

Wall Street Analyst Weigh In

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

PROCEPT BioRobotics Stock Up 1.8 %

The company has a market cap of $3.63 billion, a PE ratio of -35.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The firm has a fifty day simple moving average of $87.10 and a 200 day simple moving average of $79.14.

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

Insiders Place Their Bets

In other news, CEO Reza Zadno sold 288,461 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the completion of the sale, the chief executive officer now owns 258,445 shares in the company, valued at approximately $23,518,495. This trade represents a 52.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were 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 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 462,816 shares of company stock worth $43,008,799 over the last three months. 17.40% of the stock is owned by insiders.

Institutional Trading of PROCEPT BioRobotics

Large investors have recently bought and sold shares of the company. Westfield Capital Management Co. LP acquired a new stake in PROCEPT BioRobotics in the third quarter worth $72,563,000. Perpetual Ltd bought a new stake in PROCEPT BioRobotics during the fourth quarter worth approximately $66,972,000. Franklin Resources Inc. lifted its position in PROCEPT BioRobotics by 64.5% in the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after purchasing an additional 347,330 shares during the period. Lord Abbett & CO. LLC lifted its position in PROCEPT BioRobotics by 45.3% in the third quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of PROCEPT BioRobotics during the 3rd quarter valued at $11,890,000. 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).