Eventide Asset Management LLC Acquires Shares of 129,000 PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Eventide Asset Management LLC bought a new position in PROCEPT BioRobotics Co. (NASDAQ:PRCT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 129,000 shares of the company’s stock, valued at approximately $10,335,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics in the 3rd quarter valued at $27,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of PROCEPT BioRobotics during the second quarter valued at about $36,000. Quest Partners LLC increased its holdings in shares of PROCEPT BioRobotics by 2,492.3% in the second quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after purchasing an additional 648 shares during the last quarter. Canton Hathaway LLC bought a new stake in shares of PROCEPT BioRobotics in the third quarter worth about $66,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after buying an additional 713 shares in the last quarter. Institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Stock Down 1.7 %

Shares of PRCT opened at $95.59 on Friday. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics Co. has a 52-week low of $36.15 and a 52-week high of $103.81. The company has a market cap of $4.99 billion, a PE ratio of -49.02 and a beta of 1.01. The business has a fifty day moving average of $83.90 and a 200 day moving average of $73.68.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The business’s revenue was up 66.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.51) EPS. On average, sell-side analysts expect that PROCEPT BioRobotics Co. will post -1.73 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at approximately $6,964,077.12. This trade represents a 20.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the completion of the transaction, the director now owns 317,518 shares in the company, valued at approximately $24,248,849.66. The trade was a 4.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 561,773 shares of company stock worth $49,073,125 over the last 90 days. Company insiders own 17.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Jefferies Financial Group assumed coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 price objective on the stock. Truist Financial restated a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Bank of America increased their price objective on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Piper Sandler restated an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, Wells Fargo & Company increased their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, PROCEPT BioRobotics presently has an average rating of “Moderate Buy” and a consensus target price of $89.50.

About PROCEPT BioRobotics

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).