Biondo Investment Advisors LLC Reduces Stock Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Biondo Investment Advisors cut its PROCEPT BioRobotics stake by 83.7% in the fourth quarter, selling 102,510 shares and leaving it with 19,925 shares worth about $627,000.
• Analyst sentiment is mixed: the stock has a Hold consensus rating with an average price target of $41.36, while recent calls ranged from upgrades to "sell" to downgrades to "underperform."
• PROCEPT BioRobotics shares were down 7.2% to $25.70, even after the company reported quarterly revenue of $83.13 million, which topped estimates and rose 20.1% year over year.

Biondo Investment Advisors LLC lowered its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 83.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,925 shares of the company's stock after selling 102,510 shares during the quarter. Biondo Investment Advisors LLC's holdings in PROCEPT BioRobotics were worth $627,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Advisory Services Network LLC boosted its holdings in PROCEPT BioRobotics by 1.3% during the 2nd quarter. Advisory Services Network LLC now owns 20,109 shares of the company's stock valued at $1,158,000 after acquiring an additional 250 shares during the period. Osaic Holdings Inc. raised its position in PROCEPT BioRobotics by 20.3% during the 2nd quarter. Osaic Holdings Inc. now owns 2,001 shares of the company's stock valued at $115,000 after purchasing an additional 337 shares in the last quarter. ProShare Advisors LLC raised its position in PROCEPT BioRobotics by 4.7% during the 4th quarter. ProShare Advisors LLC now owns 9,726 shares of the company's stock valued at $306,000 after purchasing an additional 438 shares in the last quarter. California State Teachers Retirement System raised its position in PROCEPT BioRobotics by 1.4% during the 2nd quarter. California State Teachers Retirement System now owns 49,446 shares of the company's stock valued at $2,848,000 after purchasing an additional 693 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in PROCEPT BioRobotics by 436.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company's stock valued at $29,000 after purchasing an additional 746 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PRCT shares. Wall Street Zen raised PROCEPT BioRobotics from a "strong sell" rating to a "sell" rating in a research report on Saturday, April 25th. Piper Sandler reaffirmed an "overweight" rating and set a $35.00 target price (up from $28.00) on shares of PROCEPT BioRobotics in a research report on Thursday, April 30th. Bank of America lowered PROCEPT BioRobotics from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $38.00 to $20.00 in a research report on Thursday, February 26th. Jefferies Financial Group lowered PROCEPT BioRobotics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of PROCEPT BioRobotics in a research report on Thursday, February 26th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $41.36.

PROCEPT BioRobotics Trading Down 7.2%

PRCT opened at $25.70 on Friday. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -14.12 and a beta of 0.85. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15. PROCEPT BioRobotics Corporation has a 12 month low of $19.35 and a 12 month high of $62.17. The stock has a fifty day moving average price of $25.84 and a 200-day moving average price of $28.36.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.01). The company had revenue of $83.13 million during the quarter, compared to the consensus estimate of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The company's revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.45) earnings per share. As a group, equities research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.53 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, EVP Alaleh Nouri sold 5,363 shares of the business's stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $25.96, for a total value of $139,223.48. Following the completion of the transaction, the executive vice president directly owned 105,354 shares of the company's stock, valued at approximately $2,734,989.84. The trade was a 4.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 7,373 shares of company stock valued at $196,135. Insiders own 6.60% of the company's stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company's technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company's flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.

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