Trexquant Investment LP Takes Position in PROCEPT BioRobotics Corporation $PRCT

Key Points

• Trexquant Investment LP has acquired 120,789 shares of PROCEPT BioRobotics Corporation, worth approximately $7 million, during the 1st quarter, marking a new position for the firm.
• PROCEPT BioRobotics reported a revenue increase of 48.3% year-over-year, totaling $79.18 million, and surpassed earnings expectations with a loss of $0.35 EPS compared to a forecast of $0.41.
• Institutional investors collectively own 89.46% of PROCEPT BioRobotics stock, indicating strong institutional interest in the company.

Trexquant Investment LP purchased a new stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 120,789 shares of the company's stock, valued at approximately $7,037,000. Trexquant Investment LP owned about 0.22% of PROCEPT BioRobotics at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in PROCEPT BioRobotics by 9.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after purchasing an additional 723 shares during the period. Champlain Investment Partners LLC increased its stake in PROCEPT BioRobotics by 48.0% in the first quarter. Champlain Investment Partners LLC now owns 676,196 shares of the company's stock valued at $39,395,000 after purchasing an additional 219,266 shares in the last quarter. GAMMA Investing LLC lifted its stake in PROCEPT BioRobotics by 7,021.1% in the first quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock valued at $373,000 after acquiring an additional 6,319 shares during the last quarter. Bessemer Group Inc. raised its stake in PROCEPT BioRobotics by 50.7% in the 1st quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after purchasing an additional 3,665 shares in the last quarter. Finally, Rhumbline Advisers increased 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 valued at $3,750,000 after buying an additional 3,077 shares during the period. Institutional investors and hedge funds 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 company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. This represents a 63.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.60% of the company's stock.

PROCEPT BioRobotics Stock Performance

PRCT stock traded up $1.94 on Friday, hitting $40.28. The company's stock had a trading volume of 378,854 shares, compared to its average volume of 1,012,875. The company has a current ratio of 9.21, a quick ratio of 7.86 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 stock has a market cap of $2.24 billion, a price-to-earnings ratio of -25.96 and a beta of 1.03. The firm has a 50 day moving average of $49.06 and a two-hundred day moving average of $54.89.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $75.67 million. During the same period last year, the company earned ($0.50) earnings per share. The company's quarterly revenue was up 48.3% on a year-over-year basis. Equities analysts predict that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price target on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research report 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. Oppenheimer raised shares of PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price target for the company in a research report on Tuesday. Piper Sandler dropped their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, Stephens assumed coverage on PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, PROCEPT BioRobotics has an average rating of "Moderate Buy" and an average price target of $73.22.

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).