PROCEPT BioRobotics (NASDAQ:PRCT) Releases Quarterly Earnings Results, Misses Estimates By $0.10 EPS

PROCEPT BioRobotics (NASDAQ:PRCTGet Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.10), Briefing.com reports. PROCEPT BioRobotics had a negative net margin of 77.75% and a negative return on equity of 50.56%. The business had revenue of $43.58 million for the quarter, compared to the consensus estimate of $41.79 million. During the same period in the previous year, the company earned ($0.56) earnings per share. The company’s revenue for the quarter was up 83.3% compared to the same quarter last year. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Stock Down 2.7 %

Shares of NASDAQ:PRCT opened at $49.39 on Thursday. PROCEPT BioRobotics has a 12-month low of $24.83 and a 12-month high of $52.32. The stock has a 50 day moving average of $46.48 and a 200 day moving average of $37.72. The company has a current ratio of 8.91, a quick ratio of 7.89 and a debt-to-equity ratio of 0.18.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 22,349 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $50.16, for a total value of $1,121,025.84. Following the completion of the transaction, the chief financial officer now directly owns 33,523 shares in the company, valued at $1,681,513.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Kevin Waters sold 22,349 shares of PROCEPT BioRobotics stock in a transaction on Monday, February 12th. The shares were sold at an average price of $50.16, for a total transaction of $1,121,025.84. Following the transaction, the chief financial officer now owns 33,523 shares in the company, valued at approximately $1,681,513.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alaleh Nouri sold 14,694 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $49.97, for a total transaction of $734,259.18. Following the completion of the transaction, the executive vice president now directly owns 47,351 shares of the company’s stock, valued at approximately $2,366,129.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 276,253 shares of company stock worth $11,856,409. Company insiders own 19.60% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of PROCEPT BioRobotics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock valued at $175,376,000 after buying an additional 109,694 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in PROCEPT BioRobotics by 1.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,904,003 shares of the company’s stock valued at $127,622,000 after acquiring an additional 58,511 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in PROCEPT BioRobotics by 4.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,697,885 shares of the company’s stock valued at $112,071,000 after acquiring an additional 124,102 shares during the last quarter. BlackRock Inc. lifted its stake in PROCEPT BioRobotics by 36.1% in the 2nd quarter. BlackRock Inc. now owns 2,580,126 shares of the company’s stock worth $91,207,000 after purchasing an additional 684,194 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of PROCEPT BioRobotics by 33.2% during the 2nd quarter. State Street Corp now owns 1,062,730 shares of the company’s stock valued at $37,568,000 after purchasing an additional 265,072 shares during the last quarter. Hedge funds and other institutional investors own 79.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRCT shares. Wells Fargo & Company raised their price target on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, January 9th. Truist Financial upped their target price on shares of PROCEPT BioRobotics from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, PROCEPT BioRobotics has a consensus rating of “Buy” and a consensus target price of $45.60.

Get Our Latest Analysis on PRCT

PROCEPT BioRobotics Company Profile

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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).

Further Reading

Earnings History for PROCEPT BioRobotics (NASDAQ:PRCT)

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