PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Shares Sold by Essex Investment Management Co. LLC

Key Points

• Essex Investment Management Co. LLC reduced its stake in PROCEPT BioRobotics by 21.6% in the first quarter, now holding approximately 40,531 shares valued at $2,361,000.
• Institutional investors own 89.46% of PROCEPT BioRobotics stock, indicating strong institutional confidence in the company.
• Several brokerages have provided mixed ratings on PROCEPT BioRobotics, with a consensus price target decreasing to $84.13, and one analyst rated it as a "sell."

Essex Investment Management Co. LLC lowered its position in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 21.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,531 shares of the company's stock after selling 11,194 shares during the quarter. Essex Investment Management Co. LLC owned about 0.07% of PROCEPT BioRobotics worth $2,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ANTIPODES PARTNERS Ltd purchased 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 4th quarter worth about $46,000. CWM LLC increased its stake in PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after buying an additional 358 shares during the period. Nisa Investment Advisors LLC increased its stake in PROCEPT BioRobotics by 32.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock worth $64,000 after buying an additional 270 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in PROCEPT BioRobotics in the 4th quarter worth about $207,000. Hedge funds and other institutional investors own 89.46% of the company's stock.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction dated 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 transaction, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. The trade was a 63.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 100,000 shares of company stock worth $6,271,250. Insiders own 6.60% of the company's stock.

PROCEPT BioRobotics Price Performance

PRCT traded up $0.93 on Friday, hitting $49.44. 731,089 shares of the company's stock were exchanged, compared to its average volume of 973,992. PROCEPT BioRobotics Corporation has a fifty-two week low of $47.04 and a fifty-two week high of $103.81. The company has a current ratio of 8.95, a quick ratio of 7.75 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $58.65 and a 200-day moving average price of $60.45. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -29.12 and a beta of 1.07.

Analysts Set New Price Targets

PRCT has been the topic of several recent analyst reports. Truist Financial reduced their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Wall Street Zen downgraded shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Morgan Stanley reduced 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. Bank of America reduced 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. Finally, Oppenheimer initiated coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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).