PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up to $31.66

Posted by Defense World Staff on Aug 13th, 2023

PROCEPT BioRobotics Co. (NASDAQ:PRCT – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $31.66, but opened at $32.31. PROCEPT BioRobotics shares last traded at $31.97, with a volume of 12,722 shares traded.

Wall Street Analyst Weigh In

Several research firms recently commented on PRCT. Bank of America reduced their price objective on PROCEPT BioRobotics from $52.00 to $44.00 in a report on Friday, April 28th. Piper Sandler assumed coverage on PROCEPT BioRobotics in a research note on Friday. They set an “overweight” rating and a $42.00 price target for the company. Truist Financial cut their price target on PROCEPT BioRobotics from $54.00 to $49.00 in a research note on Friday, April 28th. Finally, William Blair assumed coverage on PROCEPT BioRobotics in a research note on Wednesday, May 31st. They set an “outperform” rating for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Get Our Latest Stock Analysis on PRCT

PROCEPT BioRobotics Trading Up 0.1 %

The stock has a 50 day moving average of $35.22 and a 200-day moving average of $34.14. The company has a market capitalization of $1.43 billion, a P/E ratio of -13.60 and a beta of 0.56. The company has a current ratio of 6.40, a quick ratio of 5.21 and a debt-to-equity ratio of 0.34.

Insider Activity at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 22,631 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.12, for a total transaction of $794,800.72. Following the completion of the transaction, the chief financial officer now directly owns 33,523 shares in the company, valued at approximately $1,177,327.76. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 7,903 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $40.00, for a total value of $316,120.00. Following the completion of the transaction, the executive vice president now directly owns 46,933 shares in the company, valued at approximately $1,877,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin Waters sold 22,631 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $35.12, for a total value of $794,800.72. Following the completion of the transaction, the chief financial officer now owns 33,523 shares of the company’s stock, valued at $1,177,327.76. The disclosure for this sale can be found here. 19.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in PROCEPT BioRobotics by 25.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 384,222 shares of the company’s stock worth $10,912,000 after purchasing an additional 78,298 shares during the period. Russell Investments Group Ltd. boosted its position in shares of PROCEPT BioRobotics by 7,782.1% during the 4th quarter. Russell Investments Group Ltd. now owns 135,572 shares of the company’s stock valued at $5,632,000 after acquiring an additional 133,852 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of PROCEPT BioRobotics during the 4th quarter valued at approximately $166,000. Strs Ohio boosted its position in shares of PROCEPT BioRobotics by 29.4% during the 4th quarter. Strs Ohio now owns 2,200 shares of the company’s stock valued at $91,000 after acquiring an additional 500 shares during the last quarter. Finally, Boulder Hill Capital Management LP bought a new position in shares of PROCEPT BioRobotics during the 4th quarter valued at approximately $245,000. 73.18% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

(Get Free Report)

PROCEPT BioRobotics Corporation, a surgical robotics company, develops transformative solutions in urology. It 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).