PROCEPT BioRobotics (NASDAQ:PRCT) Issues Earnings Results

PROCEPT BioRobotics (NASDAQ:PRCT) posted its earnings results on Tuesday. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01), Zacks reports. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business had revenue of $68.24 million during the quarter, compared to analyst estimates of $66.79 million.

PROCEPT BioRobotics Stock Performance

Shares of PRCT traded down $0.43 during mid-day trading on Thursday, reaching $67.68. The company’s stock had a trading volume of 235,531 shares, compared to its average volume of 919,147. PROCEPT BioRobotics has a 1-year low of $45.20 and a 1-year high of $103.81. The stock has a market cap of $3.53 billion, a P/E ratio of -34.70 and a beta of 1.03. The business has a 50-day simple moving average of $75.25 and a two-hundred day simple moving average of $79.94. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRCT shares. Wells Fargo & Company reissued an “overweight” rating and issued a $112.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target on the stock. Truist Financial restated a “buy” rating and issued a $90.00 price target (down from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday. Finally, Morgan Stanley cut their price target on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $94.29.

Insider Activity

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 26,423 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were 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 directly owns 152,762 shares in the company, valued at $14,851,521.64. The trade was a 14.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alaleh Nouri sold 28,092 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the transaction, the executive vice president now owns 52,472 shares in the company, valued at approximately $5,096,605.36. This represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.40% 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).