Pinnacle Associates Ltd. Takes Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Pinnacle Associates Ltd. opened a new position in PROCEPT BioRobotics, buying 123,194 shares valued at about $3.88 million in the fourth quarter and holding 0.22% of the company.
• Analyst sentiment has become more mixed, with several firms cutting price targets and Bank of America downgrading the stock to underperform. Overall, the stock has a consensus rating of Hold and an average target price of $41.45.
• PROCEPT BioRobotics reported quarterly revenue of $83.13 million, up 20.1% year over year, but posted an EPS loss of ($0.56), narrowly missing estimates. The stock was trading around $26.12, well below its 52-week high of $66.85.

Pinnacle Associates Ltd. purchased a new stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 123,194 shares of the company's stock, valued at approximately $3,876,000. Pinnacle Associates Ltd. owned 0.22% of PROCEPT BioRobotics as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PRCT. US Bancorp DE lifted its stake in shares of PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company's stock valued at $60,000 after acquiring an additional 1,079 shares during the period. Lazard Asset Management LLC lifted its stake in shares of PROCEPT BioRobotics by 90.7% during the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company's stock valued at $98,000 after acquiring an additional 810 shares during the period. Osaic Holdings Inc. lifted its stake in shares of PROCEPT BioRobotics by 20.3% during the second quarter. Osaic Holdings Inc. now owns 2,001 shares of the company's stock valued at $115,000 after acquiring an additional 337 shares during the period. IFP Advisors Inc lifted its stake in PROCEPT BioRobotics by 24.0% in the third quarter. IFP Advisors Inc now owns 5,024 shares of the company's stock valued at $179,000 after buying an additional 974 shares during the period. Finally, Inceptionr LLC acquired a new position in PROCEPT BioRobotics in the third quarter valued at about $212,000. Institutional investors and hedge funds own 89.46% of the company's stock.

Analyst Upgrades and Downgrades

PRCT has been the topic of several analyst reports. Truist Financial cut their target price on PROCEPT BioRobotics from $47.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, February 27th. Leerink Partners cut their target price on PROCEPT BioRobotics from $55.00 to $30.00 and set an "outperform" rating on the stock in a research note on Thursday, February 26th. Bank of America lowered PROCEPT BioRobotics from a "neutral" rating to an "underperform" rating and cut their target price for the company from $38.00 to $20.00 in a research note on Thursday, February 26th. Wells Fargo & Company cut their target price on PROCEPT BioRobotics from $51.00 to $34.00 and set an "overweight" rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of PROCEPT BioRobotics in a research note on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PROCEPT BioRobotics has an average rating of "Hold" and a consensus target price of $41.45.

PROCEPT BioRobotics Trading Down 1.0%

NASDAQ:PRCT opened at $26.12 on Friday. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -14.35 and a beta of 0.83. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15. The business's 50-day moving average price is $25.17 and its two-hundred day moving average price is $28.98. PROCEPT BioRobotics Corporation has a 1-year low of $19.35 and a 1-year high of $66.85.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.01). The business had revenue of $83.13 million for the quarter, compared to analyst estimates of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.45) EPS. On average, equities analysts expect that PROCEPT BioRobotics Corporation will post -1.53 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, EVP Kevin Waters sold 6,721 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total transaction of $159,287.70. Following the sale, the executive vice president owned 152,264 shares of the company's stock, valued at $3,608,656.80. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Antal Rohit Desai purchased 98,699 shares of the company's stock in a transaction dated Monday, March 9th. The shares were acquired at an average cost of $24.55 per share, for a total transaction of $2,423,060.45. Following the transaction, the director owned 426,262 shares of the company's stock, valued at $10,464,732.10. This trade represents a 30.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 426,262 shares of company stock valued at $10,483,091 and have sold 23,229 shares valued at $573,466. 6.60% of the stock is currently owned by insiders.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company's technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company's flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.

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