Engineers Gate Manager LP Sells 101,942 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Engineers Gate Manager LP cut its PROCEPT BioRobotics position by 83.4%, selling 101,942 shares and retaining 20,300 shares valued at approximately $458,000.
• Institutional ownership remains high at 89.46%, with major investors including BlackRock, Jupiter Topco, William Blair, and Bank of America establishing new positions during the second quarter.
• PRCT shares opened at $18.09, near the lower end of their 12-month range. The company reported 19.3% year-over-year revenue growth to $94.5 million but posted a larger-than-expected loss, while analysts maintain a consensus “Hold” rating with an average $25.09 price target.

Engineers Gate Manager LP decreased its position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 83.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,300 shares of the company's stock after selling 101,942 shares during the quarter. Engineers Gate Manager LP's holdings in PROCEPT BioRobotics were worth $458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRCT. BlackRock Inc. acquired a new position in PROCEPT BioRobotics during the 2nd quarter valued at about $109,961,000. Jupiter Topco LLC acquired a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $24,914,000. William Blair Investment Management LLC bought a new stake in shares of PROCEPT BioRobotics during the second quarter worth approximately $16,020,000. Bank of America Corp DE acquired a new position in PROCEPT BioRobotics in the second quarter valued at approximately $11,656,000. Finally, CPMG Inc bought a new position in PROCEPT BioRobotics in the first quarter valued at approximately $10,661,000. 89.46% of the stock is owned by institutional investors and hedge funds.

PROCEPT BioRobotics Stock Down 1.8%

Shares of PRCT stock opened at $18.09 on Thursday. The firm has a fifty day moving average of $20.07 and a 200-day moving average of $23.07. The company has a quick ratio of 5.35, a current ratio of 6.55 and a debt-to-equity ratio of 0.15. PROCEPT BioRobotics Corporation has a 12-month low of $16.67 and a 12-month high of $39.86. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -9.32 and a beta of 0.91.

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

Insider Buying and Selling

In other news, CEO Larry Wood purchased 23,900 shares of PROCEPT BioRobotics stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $20.85 per share, with a total value of $498,315.00. Following the transaction, the chief executive officer directly owned 23,900 shares in the company, valued at $498,315. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders sold 1,043 shares of company stock valued at $21,851. Insiders own 4.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PRCT. Jefferies Financial Group reiterated a "hold" rating and issued a $20.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Evercore set a $23.00 target price on PROCEPT BioRobotics in a report on Wednesday, August 5th. Piper Sandler decreased their target price on PROCEPT BioRobotics from $35.00 to $25.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. William Blair cut PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a research note on Wednesday, August 5th. Finally, TD Cowen cut their price target on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $25.09.

PROCEPT BioRobotics Profile

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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