PROCEPT BioRobotics (NASDAQ:PRCT) Issues Quarterly Earnings Results

PROCEPT BioRobotics (NASDAQ:PRCT) announced its earnings results on Monday. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09, Briefing.com reports. The firm had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The firm’s revenue for the quarter was up 66.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.51) EPS. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Trading Down 3.9 %

Shares of NASDAQ:PRCT traded down $3.63 during midday trading on Thursday, reaching $89.40. The company had a trading volume of 229,423 shares, compared to its average volume of 641,927. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51. PROCEPT BioRobotics has a 1-year low of $24.91 and a 1-year high of $99.34. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of -46.02 and a beta of 1.03. The company has a fifty day simple moving average of $77.20 and a two-hundred day simple moving average of $67.91.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRCT shares. Bank of America boosted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company boosted their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $88.40.

Insiders Place Their Bets

In related news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares in the company, valued at approximately $6,964,077.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at $6,964,077.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Antal Rohit Desai sold 35,220 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total value of $2,680,946.40. Following the completion of the sale, the director now directly owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 179,892 shares of company stock worth $13,946,415 over the last ninety days. 17.40% of the stock is currently owned by company insiders.

About PROCEPT BioRobotics

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).