PROCEPT BioRobotics (NASDAQ:PRCT) Shares Up 4.6% – Time to Buy?

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price shot up 4.6% on Monday . The stock traded as high as $65.14 and last traded at $65.14. 464,736 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 847,644 shares. The stock had previously closed at $62.25.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $112.00 price target on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. 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. Jefferies Financial Group assumed coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target on the stock. Finally, Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a research report on Monday, December 2nd. They set an “overweight” rating and a $105.00 price objective for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Moderate Buy” and an average price target of $97.86.

PROCEPT BioRobotics Trading Up 4.8 %

The company has a 50 day moving average of $76.53 and a 200 day moving average of $79.99. 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 stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -33.22 and a beta of 1.03.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 28,092 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 52,472 shares in the company, valued at $5,096,605.36. This represents a 34.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Reza Zadno sold 26,423 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.22, for a total value of $2,568,844.06. Following the transaction, the chief executive officer now owns 152,762 shares in the company, valued at approximately $14,851,521.64. This represents a 14.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 80,935 shares of company stock valued at $7,882,089 over the last 90 days. 17.40% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP acquired a new position in shares of PROCEPT BioRobotics in the 3rd quarter worth approximately $72,563,000. FMR LLC grew its position in shares of PROCEPT BioRobotics by 11.9% during the fourth quarter. FMR LLC now owns 8,159,208 shares of the company’s stock worth $656,979,000 after buying an additional 866,328 shares in the last quarter. Perpetual Ltd purchased a new stake in shares of PROCEPT BioRobotics in the 4th quarter valued at approximately $66,972,000. Wellington Management Group LLP raised its stake in PROCEPT BioRobotics by 38.8% in the fourth quarter. Wellington Management Group LLP now owns 1,490,952 shares of the company’s stock valued at $120,051,000 after buying an additional 416,819 shares in the last quarter. Finally, 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 worth $64,669,000 after purchasing an additional 347,330 shares during 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).