PROCEPT BioRobotics Corporation $PRCT Shares Acquired by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. increased its stake in PROCEPT BioRobotics by 103.7% in Q1, holding 26,140 shares valued at $1,523,000 according to a recent SEC filing.
• Several institutional investors also significantly boosted their holdings in PROCEPT BioRobotics, including Russell Investments Group which raised its investment by 124,755.6% during the same quarter.
• PROCEPT BioRobotics' shares are currently rated as a Moderate Buy by analysts, with a consensus target price of $74.88, reflecting strong investor interest and confidence despite recent adjustments in target prices by some firms.

Sit Investment Associates Inc. lifted its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) by 103.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,140 shares of the company's stock after buying an additional 13,305 shares during the quarter. Sit Investment Associates Inc.'s holdings in PROCEPT BioRobotics were worth $1,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. ANTIPODES PARTNERS Ltd bought a new position in shares of PROCEPT BioRobotics in the first quarter worth approximately $30,000. Thematics Asset Management purchased a new stake in PROCEPT BioRobotics during the fourth quarter valued at approximately $46,000. CWM LLC increased its holdings in PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in PROCEPT BioRobotics by 32.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after buying an additional 270 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of PROCEPT BioRobotics by 358.9% in the first quarter. IFP Advisors Inc now owns 3,313 shares of the company's stock worth $193,000 after purchasing an additional 2,591 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Stock Performance

NASDAQ:PRCT traded down $0.4820 during trading hours on Wednesday, hitting $39.2380. 346,696 shares of the company were exchanged, compared to its average volume of 1,020,844. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -25.33 and a beta of 1.05. PROCEPT BioRobotics Corporation has a 52-week low of $37.12 and a 52-week high of $103.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The company's 50 day moving average price is $53.87 and its 200-day moving average price is $57.26.

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

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics 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 in the company, 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 is accessible through the SEC website. In the last ninety days, insiders have sold 100,000 shares of company stock worth $6,271,250. Insiders own 17.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRCT shares. Wells Fargo & Company reduced their price objective 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. Wall Street Zen raised shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Stephens began coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective for the company. Piper Sandler decreased their price objective on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Finally, Oppenheimer began coverage on shares of PROCEPT BioRobotics in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $74.88.

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).