Graham Capital Management L.P. Grows Stock Holdings in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Graham Capital Management L.P. significantly increased its stake in PROCEPT BioRobotics by 1,169.1%, owning 36,234 shares worth approximately $2.11 million at the end of the last quarter.
• PROCEPT BioRobotics reported a 48.3% increase in revenue year-over-year, totaling $79.18 million, alongside an earnings per share (EPS) of ($0.35), surpassing expectations.
• The stock has experienced both analyst downgrades and upgrades recently, with Piper Sandler reducing its price target from $80 to $55, while Wall Street Zen upgraded the stock from a "sell" to a "hold" rating.

Graham Capital Management L.P. raised its position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 1,169.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 36,234 shares of the company's stock after purchasing an additional 33,379 shares during the quarter. Graham Capital Management L.P. owned 0.07% of PROCEPT BioRobotics worth $2,111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of PROCEPT BioRobotics by 9.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock worth $527,000 after acquiring an additional 723 shares during the period. Champlain Investment Partners LLC grew its stake in shares of PROCEPT BioRobotics by 48.0% in the first quarter. Champlain Investment Partners LLC now owns 676,196 shares of the company's stock worth $39,395,000 after acquiring an additional 219,266 shares during the period. GAMMA Investing LLC grew its stake in shares of PROCEPT BioRobotics by 7,021.1% in the first quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock worth $373,000 after acquiring an additional 6,319 shares during the period. Bessemer Group Inc. grew its stake in shares of PROCEPT BioRobotics by 50.7% in the first quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after acquiring an additional 3,665 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of PROCEPT BioRobotics by 5.0% in the first quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock worth $3,750,000 after acquiring an additional 3,077 shares during the period. 89.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRCT has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Oppenheimer upgraded shares of PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 target price for the company in a research report on Tuesday, September 2nd. Morgan Stanley cut their target price 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. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price for the company. Finally, Wells Fargo & Company cut their target price 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. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, PROCEPT BioRobotics currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.22.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT traded up $2.34 during trading hours on Friday, hitting $40.68. 911,642 shares of the stock traded hands, compared to its average volume of 1,033,293. The company has a quick ratio of 7.86, a current ratio of 9.21 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 company has a market cap of $2.26 billion, a price-to-earnings ratio of -26.25 and a beta of 1.03. The stock has a 50 day moving average price of $48.74 and a 200 day moving average price of $54.62.

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

Insiders Place Their Bets

In other 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 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 6.60% of the company's stock.

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).