Hsbc Holdings PLC Acquires 20,234 Shares of PROCEPT BioRobotics Corporation $PRCT

Key Points

• Hsbc Holdings PLC increased its stake in PROCEPT BioRobotics Corporation by 14.2%, owning 163,044 shares valued at approximately $9.5 million following the purchase of an additional 20,234 shares.
• Several analysts have lowered their price targets for PROCEPT BioRobotics, with Morgan Stanley reducing its target from $71.00 to $68.00, while Piper Sandler cut its target from $80.00 to $55.00.
• PROCEPT BioRobotics reported a quarterly revenue increase of 48.3% year-over-year, achieving $79.18 million, and exceeded analysts' EPS estimates by reporting ($0.35) compared to the consensus of ($0.41).

Hsbc Holdings PLC raised its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 163,044 shares of the company's stock after buying an additional 20,234 shares during the period. Hsbc Holdings PLC owned about 0.29% of PROCEPT BioRobotics worth $9,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRCT. Baillie Gifford & Co. purchased a new stake in PROCEPT BioRobotics during the first quarter valued at approximately $18,287,000. Westfield Capital Management Co. LP increased its holdings in PROCEPT BioRobotics by 43.2% during the first quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock valued at $43,611,000 after buying an additional 225,894 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in PROCEPT BioRobotics during the fourth quarter valued at approximately $18,145,000. Werba Rubin Papier Wealth Management purchased a new stake in PROCEPT BioRobotics during the first quarter valued at approximately $12,235,000. Finally, Millennium Management LLC increased its holdings in PROCEPT BioRobotics by 240.2% during the fourth quarter. Millennium Management LLC now owns 287,847 shares of the company's stock valued at $23,177,000 after buying an additional 203,241 shares during the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the transaction, the director owned 14,363 shares in the company, valued at $883,180.87. This trade represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 100,000 shares of company stock worth $6,271,250 in the last three months. 6.60% of the stock is owned by company insiders.

PROCEPT BioRobotics Price Performance

Shares of PROCEPT BioRobotics stock traded down $0.46 during trading on Thursday, reaching $40.34. 688,365 shares of the stock traded hands, compared to its average volume of 1,016,891. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -26.03 and a beta of 1.05. The business has a fifty day simple moving average of $51.42 and a two-hundred day simple moving average of $56.06. 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 52-week low of $37.12 and a 52-week high of $103.81.

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 for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The firm had revenue of $79.18 million during the quarter, compared to analyst estimates of $75.67 million. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The business's quarterly revenue was up 48.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.50) earnings per share. Sell-side analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Analyst Upgrades and Downgrades

PRCT has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company dropped their price target on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Piper Sandler dropped their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.88.

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).