Eventide Asset Management LLC Buys 227,088 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Eventide Asset Management LLC significantly increased its holdings in PROCEPT BioRobotics by 181.9% during the first quarter, owning approximately 0.64% of the company, valued at around $20.5 million.
• Several other institutional investors have also ramped up their investments in PROCEPT, including T. Rowe Price, which raised its position by 43.6%, now owning shares worth $82.5 million.
• PROCEPT BioRobotics recently reported a 48.3% revenue increase year-over-year, with earnings per share of ($0.35), surpassing analysts' expectations.

Eventide Asset Management LLC boosted its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 181.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 351,962 shares of the company's stock after buying an additional 227,088 shares during the period. Eventide Asset Management LLC owned approximately 0.64% of PROCEPT BioRobotics worth $20,505,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRCT. ANTIPODES PARTNERS Ltd acquired a new position in shares of PROCEPT BioRobotics during the 1st quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of PROCEPT BioRobotics in the 1st quarter valued at approximately $40,000. CWM LLC grew its stake in shares of PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of PROCEPT BioRobotics by 32.5% in the 1st 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 during the period. Finally, IFP Advisors Inc grew its position in PROCEPT BioRobotics by 358.9% during the 1st quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock worth $193,000 after acquiring an additional 2,591 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Morgan Stanley reduced their price target on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company reduced their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Wall Street Zen upgraded PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler reduced their price objective on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price target for the company in a research note on Tuesday, September 2nd. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, PROCEPT BioRobotics currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.22.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 14,363 shares of the company's stock, valued at $883,180.87. This trade represents a 63.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 17.40% of the stock is currently owned by insiders.

PROCEPT BioRobotics Stock Up 1.6%

Shares of PRCT stock traded up $0.61 on Tuesday, reaching $39.53. 420,443 shares of the company were exchanged, compared to its average volume of 1,011,944. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. PROCEPT BioRobotics Corporation has a one year low of $37.12 and a one year high of $103.81. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -25.50 and a beta of 1.03. The company has a 50-day moving average of $48.37 and a 200-day moving average of $54.38.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.06. The company had revenue of $79.18 million during the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. PROCEPT BioRobotics's revenue for the quarter was up 48.3% on a year-over-year basis. During the same period last year, the firm earned ($0.50) EPS. Analysts anticipate 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).