Apis Capital Advisors LLC Invests $5.30 Million in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Apis Capital Advisors LLC acquired 91,000 shares of PROCEPT BioRobotics Corporation, valued at approximately $5.3 million, making it the fund's 10th largest position.
• Director Antal Rohit Desai sold 25,000 shares of PROCEPT for over $1.5 million, decreasing his position by 63.51%.
• PROCEPT BioRobotics reported a quarterly revenue of $79.18 million, exceeding analysts' estimates and showing a 48.3% year-over-year increase.

Apis Capital Advisors LLC acquired a new stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 91,000 shares of the company's stock, valued at approximately $5,302,000. PROCEPT BioRobotics comprises 2.6% of Apis Capital Advisors LLC's investment portfolio, making the stock its 10th largest position. Apis Capital Advisors LLC owned about 0.16% of PROCEPT BioRobotics as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. ANTIPODES PARTNERS Ltd purchased a new stake in shares of PROCEPT BioRobotics in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in PROCEPT BioRobotics during the first quarter valued at about $40,000. CWM LLC raised its position in PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares in the last quarter. Nisa Investment Advisors LLC raised its position in PROCEPT BioRobotics by 32.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after purchasing an additional 270 shares in the last quarter. Finally, IFP Advisors Inc grew its stake in shares of PROCEPT BioRobotics by 358.9% during the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock valued at $193,000 after buying an additional 2,591 shares during the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PRCT. Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price for the company in a research note on Tuesday. Stephens began coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Morgan Stanley reduced their target price on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen raised shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Piper Sandler lowered their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $73.22.

Insider Buying and Selling

In related news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This trade represents a 63.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.60% of the stock is owned by insiders.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT traded up $2.10 during trading on Friday, hitting $40.44. The company's stock had a trading volume of 521,966 shares, compared to its average volume of 1,013,722. The company has a 50-day moving average of $49.06 and a 200-day moving average of $54.89. PROCEPT BioRobotics Corporation has a 12 month low of $37.12 and a 12 month high of $103.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -26.07 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The business had revenue of $79.18 million for the quarter, compared to analysts' expectations of $75.67 million. During the same quarter in the previous year, the business posted ($0.50) earnings per share. The business's revenue was up 48.3% compared to the same quarter last year. On average, sell-side analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

PROCEPT BioRobotics 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).