PROCEPT BioRobotics (NASDAQ:PRCT) Posts Earnings Results

PROCEPT BioRobotics (NASDAQ:PRCT) issued its quarterly earnings results on Monday. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09, Briefing.com reports. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The firm had revenue of $58.40 million for the quarter, compared to analyst estimates of $53.30 million. During the same period in the previous year, the company posted ($0.51) earnings per share. The business’s revenue was up 66.4% on a year-over-year basis. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Price Performance

Shares of PRCT opened at $96.69 on Wednesday. The firm has a 50-day simple moving average of $76.37 and a two-hundred day simple moving average of $67.41. The stock has a market cap of $5.02 billion, a PE ratio of -46.94 and a beta of 1.03. PROCEPT BioRobotics has a 1-year low of $24.83 and a 1-year high of $97.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 13,305 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the sale, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $76.37, for a total value of $1,016,102.85. Following the transaction, the director now directly owns 317,518 shares in the company, valued at $24,248,849.66. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 179,892 shares of company stock valued at $13,946,415. Company insiders own 17.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PRCT shares. Piper Sandler reissued an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Bank of America upped their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Wells Fargo & Company lifted their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Truist Financial upped their price objective on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, TD Cowen lifted their target price on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $86.40.

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).