PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up – Here’s What Happened

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $20.60, but opened at $21.52. PROCEPT BioRobotics shares last traded at $21.3350, with a volume of 217,032 shares.

Wall Street Analyst Weigh In

PRCT has been the subject of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and set a $35.00 target price (up from $28.00) on shares of PROCEPT BioRobotics in a research report on Thursday, April 30th. Truist Financial reduced their price target on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Tuesday, April 21st. Evercore assumed coverage on shares of PROCEPT BioRobotics in a research report on Wednesday. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, Robert W. Baird started coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They issued a “neutral” rating and a $30.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, PROCEPT BioRobotics currently has a consensus rating of “Hold” and an average price target of $40.42.

PROCEPT BioRobotics Trading Up 3.3%

The firm has a market capitalization of $1.21 billion, a PE ratio of -11.63 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.51 and a current ratio of 6.73. The firm has a fifty day moving average of $25.51 and a 200 day moving average of $27.86.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The company had revenue of $83.13 million during the quarter, compared to analysts’ expectations of $80.52 million. During the same quarter in the prior year, the company earned ($0.45) EPS. The firm’s revenue was up 20.1% compared to the same quarter last year. Equities research analysts expect that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current year.

Institutional Investors Weigh In On PROCEPT BioRobotics

Large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in PROCEPT BioRobotics by 436.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock worth $29,000 after buying an additional 746 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at about $40,000. Cache Advisors LLC acquired a new stake in shares of PROCEPT BioRobotics during the first quarter valued at about $42,000. Essential Partners LLC grew its stake in shares of PROCEPT BioRobotics by 7,071.4% during the first quarter. Essential Partners LLC now owns 2,008 shares of the company’s stock valued at $50,000 after acquiring an additional 1,980 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $60,000 after acquiring an additional 1,079 shares during the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.