PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Shares Sold by Bryce Point Capital LLC

Key Points

• Bryce Point Capital LLC has reduced its stake in PROCEPT BioRobotics by 24.6%, selling 4,754 shares and bringing their total holdings to 14,593 shares valued at approximately $919,000.
• Several institutional investors have also made adjustments to their holdings, with notable activities including IFP Advisors Inc increasing their stake by 358.9%.
• PROCEPT BioRobotics has received mixed ratings from analysts, with the stock having an average rating of "Moderate Buy" and a price target that is currently around $84.13.

Bryce Point Capital LLC trimmed its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 24.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,593 shares of the company's stock after selling 4,754 shares during the quarter. Bryce Point Capital LLC's holdings in PROCEPT BioRobotics were worth $919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. grew its stake in PROCEPT BioRobotics by 9.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after purchasing an additional 723 shares during the last quarter. Sei Investments Co. grew its stake in PROCEPT BioRobotics by 189.2% during the 4th quarter. Sei Investments Co. now owns 95,315 shares of the company's stock valued at $7,675,000 after purchasing an additional 62,359 shares during the last quarter. Vanguard Group Inc. grew its stake in PROCEPT BioRobotics by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 5,140,426 shares of the company's stock valued at $413,907,000 after purchasing an additional 297,075 shares during the last quarter. GAMMA Investing LLC grew its stake in PROCEPT BioRobotics by 7,021.1% during the 1st quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock valued at $373,000 after purchasing an additional 6,319 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in PROCEPT BioRobotics by 50.7% during the 1st quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock valued at $635,000 after purchasing an additional 3,665 shares during the last quarter. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PRCT has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Stephens initiated coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price target for the company. Truist Financial reduced their price target on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wall Street Zen cut PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Finally, Oppenheimer initiated coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and a consensus price target of $84.13.

PROCEPT BioRobotics Trading Down 3.7%

Shares of PRCT traded down $1.92 during midday trading on Thursday, hitting $49.43. 638,671 shares of the stock were exchanged, compared to its average volume of 972,182. PROCEPT BioRobotics Corporation has a 52-week low of $47.04 and a 52-week high of $103.81. The stock has a fifty day simple moving average of $58.65 and a 200 day simple moving average of $60.45. The firm has a market cap of $2.74 billion, a P/E ratio of -29.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.75 and a current ratio of 8.95.

Insider Activity

In other news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director directly owned 14,363 shares in the company, valued at approximately $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 accessible through the SEC website. Insiders sold 100,000 shares of company stock valued at $6,271,250 in the last 90 days. 6.60% of the stock is currently owned by company insiders.

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).