PROCEPT BioRobotics (NASDAQ:PRCT) Releases Earnings Results, Beats Estimates By $0.02 EPS

PROCEPT BioRobotics (NASDAQ:PRCT) posted its earnings results on Thursday. The company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.02, Briefing.com reports. PROCEPT BioRobotics had a negative return on equity of 36.86% and a negative net margin of 58.73%. The company had revenue of $53.35 million for the quarter, compared to analyst estimates of $50.10 million. During the same quarter last year, the company earned ($0.56) earnings per share. The company’s revenue for the quarter was up 61.2% on a year-over-year basis. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Stock Performance

Shares of PRCT traded down $4.62 during mid-day trading on Friday, hitting $57.38. The stock had a trading volume of 1,669,271 shares, compared to its average volume of 583,046. The firm has a market cap of $2.95 billion, a P/E ratio of -27.07 and a beta of 1.00. The business has a fifty day moving average price of $64.51 and a 200-day moving average price of $56.35. The company has a debt-to-equity ratio of 0.19, a current ratio of 8.52 and a quick ratio of 7.44. PROCEPT BioRobotics has a 52 week low of $24.83 and a 52 week high of $77.00.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, EVP Hisham Shiblaq sold 26,046 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $68.24, for a total value of $1,777,379.04. Following the sale, the executive vice president now directly owns 55,860 shares in the company, valued at $3,811,886.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Alaleh Nouri sold 10,000 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the sale, the executive vice president now directly owns 52,472 shares in the company, valued at approximately $3,262,708.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Hisham Shiblaq sold 26,046 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $68.24, for a total value of $1,777,379.04. Following the sale, the executive vice president now owns 55,860 shares in the company, valued at $3,811,886.40. The disclosure for this sale can be found here. Corporate insiders own 17.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PRCT shares. TD Cowen raised their target price on PROCEPT BioRobotics from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, May 6th. Piper Sandler raised their target price on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, May 6th. Truist Financial reiterated a “buy” rating and set a $74.00 price target (down from $79.00) on shares of PROCEPT BioRobotics in a report on Friday. Finally, Wells Fargo & Company lifted their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, PROCEPT BioRobotics has an average rating of “Buy” and an average target price of $66.00.

PROCEPT BioRobotics Company 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).