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

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shares gapped up prior to trading 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 trading hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PRCT shares. Piper Sandler restated an “overweight” rating and set a $35.00 price objective (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. Bank of America lowered PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and cut their target price for the company from $38.00 to $20.00 in a research report on Thursday, February 26th. Leerink Partners cut PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $31.00 to $29.00 in a research note on Thursday, June 11th. Truist Financial decreased their price target on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, PROCEPT BioRobotics presently has an average rating of “Hold” and a consensus price target of $40.42.

PROCEPT BioRobotics Stock Up 3.3%

The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51. The firm’s 50-day moving average price is $25.51 and its 200 day moving average price is $27.86. The firm has a market cap of $1.21 billion, a P/E ratio of -11.63 and a beta of 0.85.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRCT. Caitong International Asset Management Co. Ltd increased its holdings in shares of PROCEPT BioRobotics by 436.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock valued at $29,000 after acquiring an additional 746 shares during the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of PROCEPT BioRobotics during the 4th quarter valued at approximately $40,000. US Bancorp DE lifted its stake in 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 purchasing an additional 1,079 shares during the last quarter. Cache Advisors LLC bought a new position in PROCEPT BioRobotics during the first quarter worth $42,000. Finally, Lazard Asset Management LLC boosted its holdings in PROCEPT BioRobotics by 90.7% in the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after purchasing an additional 810 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

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.