PROCEPT BioRobotics Corporation $PRCT Stock Position Raised by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. significantly increased its stake in PROCEPT BioRobotics Corporation, acquiring an additional 44,912 shares to reach a total of 44,948 shares, representing a 124,755.6% boost in its position.
• PROCEPT BioRobotics recently reported a 48.3% revenue growth year-over-year, with revenues of $79.18 million in the last quarter, exceeding consensus estimates.
• Analyst ratings show a consensus of "Moderate Buy" for PROCEPT BioRobotics, with an average target price of $74.88, although several firms have reduced their price targets recently.

Russell Investments Group Ltd. lifted its holdings in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 124,755.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,948 shares of the company's stock after buying an additional 44,912 shares during the period. Russell Investments Group Ltd. owned 0.08% of PROCEPT BioRobotics worth $2,619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ANTIPODES PARTNERS Ltd acquired a new position in PROCEPT BioRobotics during the 1st quarter valued at about $30,000. CWM LLC boosted its stake in PROCEPT BioRobotics by 69.5% during the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares during the period. Nisa Investment Advisors LLC boosted its stake in PROCEPT BioRobotics by 32.5% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after purchasing an additional 270 shares during the period. Freestone Grove Partners LP acquired a new position in PROCEPT BioRobotics during the 4th quarter valued at about $207,000. Finally, Tower Research Capital LLC TRC boosted its stake in PROCEPT BioRobotics by 187.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,776 shares of the company's stock valued at $224,000 after purchasing an additional 1,809 shares during the period. 89.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Antal Rohit Desai sold 25,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the director directly owned 14,363 shares of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 100,000 shares of company stock worth $6,271,250 over the last ninety days. 6.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PRCT has been the subject of a number of analyst reports. Piper Sandler reduced their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Morgan Stanley reduced 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 note on Tuesday, July 15th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price for the company. Wells Fargo & Company reduced 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 note on Thursday, August 7th. Finally, Wall Street Zen raised shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, PROCEPT BioRobotics has a consensus rating of "Moderate Buy" and a consensus price target of $74.88.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ:PRCT traded down $0.46 during trading on Thursday, reaching $40.34. The company had a trading volume of 688,365 shares, compared to its average volume of 1,016,891. PROCEPT BioRobotics Corporation has a twelve month low of $37.12 and a twelve month high of $103.81. The firm has a market capitalization of $2.24 billion, a PE ratio of -26.03 and a beta of 1.05. The firm's fifty day moving average is $51.42 and its 200 day moving average is $56.06. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.35) EPS 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 during the quarter, compared to analyst estimates of $75.67 million. During the same period in the prior year, the business earned ($0.50) earnings per share. The business's quarterly revenue was up 48.3% on a year-over-year basis. On average, equities analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

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).