PROCEPT BioRobotics (NASDAQ:PRCT) Issues Quarterly Earnings Results

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

PROCEPT BioRobotics Trading Down 2.1 %

PROCEPT BioRobotics stock opened at $91.05 on Thursday. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20. PROCEPT BioRobotics has a 52 week low of $24.91 and a 52 week high of $99.34. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of -47.71 and a beta of 1.03. The stock has a 50-day moving average price of $77.01 and a 200 day moving average price of $67.73.

Insider Buying and Selling

In related news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total transaction of $1,811,750.00. Following the completion of the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Antal Rohit Desai sold 44,867 shares of PROCEPT BioRobotics stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $80.11, for a total transaction of $3,594,295.37. Following the completion of the transaction, the director now directly owns 197,453 shares in the company, valued at approximately $15,817,959.83. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics 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 transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 179,892 shares of company stock valued at $13,946,415 over the last quarter. 17.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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).