Evolutionary Tree Capital Management LLC Buys 12,749 Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT)

Key Points

• Evolutionary Tree Capital Management LLC increased its stake in PROCEPT BioRobotics by 20.9% during Q1, now holding 73,867 shares valued at approximately $4.3 million.
• Several hedge funds, including CWM LLC and Nisa Investment Advisors LLC, also adjusted their positions in PROCEPT BioRobotics, indicating increased interest from institutional investors.
• PROCEPT BioRobotics has received mixed analyst ratings, with price targets ranging from $68 to $90, yet the company maintains a consensus rating of "Moderate Buy" with an average target price of $84.13.

Evolutionary Tree Capital Management LLC increased its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 20.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 73,867 shares of the company's stock after buying an additional 12,749 shares during the quarter. PROCEPT BioRobotics comprises approximately 5.0% of Evolutionary Tree Capital Management LLC's investment portfolio, making the stock its 5th biggest holding. Evolutionary Tree Capital Management LLC owned 0.13% of PROCEPT BioRobotics worth $4,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRCT. Mirae Asset Global Investments Co. Ltd. raised its position in PROCEPT BioRobotics by 9.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after acquiring an additional 723 shares in the last quarter. GAMMA Investing LLC raised its holdings in PROCEPT BioRobotics by 7,021.1% in the 1st quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock worth $373,000 after purchasing an additional 6,319 shares during the period. Bessemer Group Inc. boosted its position in PROCEPT BioRobotics by 50.7% during the first quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after purchasing an additional 3,665 shares in the last quarter. Mariner LLC grew its holdings in PROCEPT BioRobotics by 40.6% in the fourth quarter. Mariner LLC now owns 8,406 shares of the company's stock valued at $677,000 after purchasing an additional 2,429 shares during the period. Finally, Rhumbline Advisers increased its position in shares of PROCEPT BioRobotics by 5.0% in the first quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock valued at $3,750,000 after buying an additional 3,077 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Stock Down 5.0%

PRCT stock traded down $2.43 during midday trading on Wednesday, hitting $45.69. 1,544,681 shares of the company's stock were exchanged, compared to its average volume of 1,218,647. PROCEPT BioRobotics Corporation has a 1-year low of $45.37 and a 1-year high of $103.81. The business has a 50-day simple moving average of $57.95 and a two-hundred day simple moving average of $59.46. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.95 and a quick ratio of 7.75.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 36.20% and a negative return on equity of 28.09%. During the same period last year, the company posted ($0.50) EPS. The business's revenue was up 48.3% compared to the same quarter last year. On average, analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Antal Rohit Desai sold 25,000 shares of the business's 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 owned 14,363 shares in the company, valued at approximately $883,180.87. The trade was a 63.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 100,000 shares of company stock worth $6,271,250 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PRCT shares. Wall Street Zen lowered shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Bank of America decreased their price target on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Truist Financial reduced their target price on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a report on Friday, April 11th. Stephens initiated coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Finally, Morgan Stanley decreased their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $84.13.

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).