Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT – Get Free Report) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $50.75, but opened at $48.00. PROCEPT BioRobotics shares last traded at $48.91, with a volume of 211,916 shares traded.
The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.10). The company had revenue of $43.58 million for the quarter, compared to analysts’ expectations of $41.79 million. PROCEPT BioRobotics had a negative net margin of 91.56% and a negative return on equity of 50.06%. The company’s revenue for the quarter was up 83.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.56) earnings per share.
Analysts Set New Price Targets
Several research analysts recently weighed in on PRCT shares. Wells Fargo & Company upped their price target on PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Tuesday, January 9th. Truist Financial upped their target price on PROCEPT BioRobotics from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, December 22nd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, PROCEPT BioRobotics presently has an average rating of “Buy” and an average target price of $44.00.
Insider Activity at PROCEPT BioRobotics
In other PROCEPT BioRobotics news, CFO Kevin Waters sold 4,360 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $40.02, for a total value of $174,487.20. Following the completion of the sale, the chief financial officer now owns 44,248 shares in the company, valued at approximately $1,770,804.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Kevin Waters sold 4,360 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $40.02, for a total value of $174,487.20. Following the completion of the transaction, the chief financial officer now directly owns 44,248 shares of the company’s stock, valued at approximately $1,770,804.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederic H. Moll sold 79,000 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $38.75, for a total value of $3,061,250.00. Following the completion of the transaction, the director now directly owns 808,233 shares of the company’s stock, valued at $31,319,028.75. The disclosure for this sale can be found here. Insiders sold a total of 276,253 shares of company stock worth $11,856,409 in the last 90 days. 19.60% of the stock is owned by company insiders.
Institutional Investors Weigh In On PROCEPT BioRobotics
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in shares of PROCEPT BioRobotics by 13.0% in the 3rd quarter. FMR LLC now owns 7,553,460 shares of the company’s stock valued at $247,829,000 after buying an additional 870,364 shares during the period. Wellington Management Group LLP acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter valued at $26,404,000. BlackRock Inc. increased its stake in shares of PROCEPT BioRobotics by 36.1% in the 2nd quarter. BlackRock Inc. now owns 2,580,126 shares of the company’s stock valued at $91,207,000 after buying an additional 684,194 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of PROCEPT BioRobotics by 89.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,345,454 shares of the company’s stock valued at $44,144,000 after buying an additional 636,750 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of PROCEPT BioRobotics by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,074,891 shares of the company’s stock valued at $133,697,000 after buying an additional 385,271 shares during the period. 79.46% of the stock is owned by institutional investors and hedge funds.
PROCEPT BioRobotics Price Performance
The company has a 50 day moving average price of $46.30 and a 200 day moving average price of $37.63. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -21.78 and a beta of 1.03. The company has a current ratio of 8.91, a quick ratio of 7.89 and a debt-to-equity ratio of 0.18.
PROCEPT BioRobotics Company Profile
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).