PROCEPT BioRobotics Corporation $PRCT Shares Sold by Comerica Bank

Key Points

• Comerica Bank cut its stake in PROCEPT BioRobotics by 95.5% in the fourth quarter, leaving it with 17,575 shares worth about $553,000.
• The company reported first-quarter revenue of $83.13 million, up 20.1% from a year ago, but EPS came in at -$0.56, slightly worse than estimates.
• Analyst sentiment remains mixed: the stock has a Hold consensus rating with a $41.45 target price, while several firms have recently lowered their price targets or downgraded the stock.

Comerica Bank decreased its position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 95.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,575 shares of the company's stock after selling 368,841 shares during the period. Comerica Bank's holdings in PROCEPT BioRobotics were worth $553,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Inscription Capital LLC acquired a new position in PROCEPT BioRobotics during the fourth quarter worth approximately $537,000. UBS Group AG increased its position in PROCEPT BioRobotics by 11.5% during the fourth quarter. UBS Group AG now owns 1,052,944 shares of the company's stock worth $33,126,000 after buying an additional 108,399 shares during the period. B. Metzler seel. Sohn & Co. AG acquired a new position in PROCEPT BioRobotics during the fourth quarter worth approximately $1,864,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in PROCEPT BioRobotics by 8.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,591 shares of the company's stock worth $585,000 after buying an additional 1,502 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in PROCEPT BioRobotics by 9.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,519 shares of the company's stock worth $331,000 after buying an additional 869 shares during the period. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Stock Up 4.1%

PROCEPT BioRobotics stock opened at $26.45 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51. PROCEPT BioRobotics Corporation has a 1-year low of $19.35 and a 1-year high of $66.85. The company has a market cap of $1.51 billion, a PE ratio of -14.53 and a beta of 0.83. The stock's 50 day moving average price is $25.06 and its 200 day moving average price is $29.17.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its 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 firm had revenue of $83.13 million for the quarter, compared to analysts' expectations of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The firm's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.45) earnings per share. On average, sell-side analysts predict that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PRCT has been the topic of a number of recent research reports. Leerink Partners dropped their target price on PROCEPT BioRobotics from $55.00 to $30.00 and set an "outperform" rating on the stock in a report on Thursday, February 26th. TD Cowen dropped their target price on PROCEPT BioRobotics from $50.00 to $34.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. Jefferies Financial Group lowered PROCEPT BioRobotics from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. Wall Street Zen raised PROCEPT BioRobotics from a "strong sell" rating to a "sell" rating in a report on Saturday, April 25th. Finally, Truist Financial dropped their target price on PROCEPT BioRobotics from $47.00 to $30.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $41.45.

Insiders Place Their Bets

In other news, Director Antal Rohit Desai bought 98,699 shares of the firm's stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $24.55 per share, for a total transaction of $2,423,060.45. Following the completion of the transaction, the director owned 426,262 shares in the company, valued at $10,464,732.10. This trade represents a 30.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kevin Waters sold 6,721 shares of the business's stock in a transaction on Friday, March 6th. The stock was sold at an average price of $23.70, for a total value of $159,287.70. Following the sale, the executive vice president owned 152,264 shares in the company, valued at approximately $3,608,656.80. The trade was a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have bought 426,262 shares of company stock worth $10,483,091 and have sold 23,229 shares worth $573,466. 17.40% of the stock is owned by company insiders.

PROCEPT BioRobotics Profile

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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