Bank of America Corp DE Purchases 516,198 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Bank of America acquired 516,198 shares of PROCEPT BioRobotics in the second quarter, worth approximately $11.7 million and representing about 0.9% of the company. Institutional investors and hedge funds collectively own 89.46% of PRCT.
• PROCEPT’s CEO Larry Wood purchased 23,900 shares for roughly $498,000, while insiders own about 4% of the stock.
• Analysts have a consensus “Hold” rating and a $25.09 price target. PRCT opened at $17.20, near its 12-month low, after reporting $94.5 million in quarterly revenue—up 19.3% year over year—but a larger-than-expected loss of $0.47 per share.

Bank of America Corp DE acquired a new position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 516,198 shares of the company's stock, valued at approximately $11,656,000. Bank of America Corp DE owned about 0.90% of PROCEPT BioRobotics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PRCT. Man Group plc acquired a new stake in PROCEPT BioRobotics during the 2nd quarter valued at approximately $5,754,000. Jupiter Topco LLC bought a new stake in shares of PROCEPT BioRobotics in the 2nd quarter valued at $24,914,000. Hsbc Holdings PLC acquired a new stake in shares of PROCEPT BioRobotics during the second quarter worth $3,626,000. Osterweis Capital Management Inc. acquired a new stake in shares of PROCEPT BioRobotics during the second quarter worth $3,773,000. Finally, Legal & General Group Plc bought a new position in PROCEPT BioRobotics during the second quarter worth $960,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Larry Wood purchased 23,900 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were acquired at an average cost of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the acquisition, the chief executive officer owned 23,900 shares in the company, valued at $498,315. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,043 shares of company stock worth $21,851 in the last 90 days. 4.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PRCT has been the subject of several recent analyst reports. Truist Financial set a $21.00 target price on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Citigroup lowered PROCEPT BioRobotics to a "hold" rating in a research note on Thursday, July 2nd. Leerink Partners cut PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $31.00 to $29.00 in a report on Thursday, June 11th. Robert W. Baird set a $20.00 price objective on shares of PROCEPT BioRobotics in a research report on Wednesday, August 5th. Finally, Oppenheimer reiterated a "market perform" rating on shares of PROCEPT BioRobotics in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $25.09.

PROCEPT BioRobotics Trading Down 1.7%

NASDAQ PRCT opened at $17.20 on Friday. The firm has a market capitalization of $985.04 million, a P/E ratio of -8.87 and a beta of 0.91. The business has a fifty day simple moving average of $19.99 and a 200 day simple moving average of $22.98. PROCEPT BioRobotics Corporation has a 12 month low of $16.67 and a 12 month high of $38.11. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%.The firm had revenue of $94.50 million for the quarter, compared to analysts' expectations of $92.77 million. During the same period in the prior year, the firm earned ($0.35) earnings per share. PROCEPT BioRobotics's revenue was up 19.3% compared to the same quarter last year. On average, analysts predict that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current fiscal year.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for urologic care. The company's primary focus is the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

Its flagship product is the AQUABEAM Robotic System, which uses image guidance, robotics, and high-velocity waterjet technology to remove targeted prostate tissue without the use of a traditional cutting instrument.

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