Kovitz Investment Group Partners LLC Acquires New Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Kovitz Investment Group Partners LLC has made a new investment of approximately $2.15 million in PROCEPT BioRobotics Corporation, acquiring 36,823 shares during the first quarter.
• The company reported a revenue increase of 48.3% year-over-year, with earnings per share beating analysts' expectations by $0.06.
• PROCEPT BioRobotics has received several rating adjustments from analysts, with a consensus rating of "Moderate Buy" and an average price target of $74.88.

Kovitz Investment Group Partners LLC acquired a new stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 36,823 shares of the company's stock, valued at approximately $2,145,000. Kovitz Investment Group Partners LLC owned approximately 0.07% of PROCEPT BioRobotics at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. ANTIPODES PARTNERS Ltd acquired a new stake in shares of PROCEPT BioRobotics in the first quarter valued at $30,000. Thematics Asset Management purchased a new position in PROCEPT BioRobotics in the fourth quarter valued at $46,000. CWM LLC increased its holdings in PROCEPT BioRobotics by 69.5% in the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in PROCEPT BioRobotics by 32.5% in the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after buying an additional 270 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in PROCEPT BioRobotics by 358.9% in the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock valued at $193,000 after buying an additional 2,591 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT traded up $1.88 during midday trading on Friday, reaching $41.23. 727,270 shares of the company were exchanged, compared to its average volume of 1,019,399. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13. PROCEPT BioRobotics Corporation has a 1 year low of $37.12 and a 1 year high of $103.81. The stock has a fifty day simple moving average of $52.98 and a 200 day simple moving average of $56.91. The stock has a market cap of $2.29 billion, a P/E ratio of -26.60 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The firm had revenue of $79.18 million for the quarter, compared to analyst estimates of $75.67 million. During the same quarter last year, the company posted ($0.50) earnings per share. The business's revenue was up 48.3% on a year-over-year basis. On average, research analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the transaction, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This trade represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 100,000 shares of company stock worth $6,271,250 over the last 90 days. Company insiders own 6.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRCT. Oppenheimer began coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating on the stock. Wall Street Zen raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler dropped their price objective on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Morgan Stanley dropped their price objective on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Finally, Wells Fargo & Company dropped their price objective on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $74.88.

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).