PROCEPT BioRobotics (NASDAQ:PRCT) Issues Earnings Results

PROCEPT BioRobotics (NASDAQ:PRCT) posted its quarterly earnings results on Monday. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09, Briefing.com reports. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The business had revenue of $58.40 million during the quarter, compared to analyst estimates of $53.30 million. During the same quarter in the previous year, the business posted ($0.51) EPS. The company’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 Up 6.3 %

Shares of PROCEPT BioRobotics stock opened at $96.69 on Wednesday. PROCEPT BioRobotics has a 1 year low of $24.83 and a 1 year high of $97.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 7.51 and a quick ratio of 6.49. The stock has a market cap of $5.02 billion, a PE ratio of -46.94 and a beta of 1.03. The firm has a fifty day moving average price of $76.37 and a 200 day moving average price of $67.41.

Analysts Set New Price Targets

Several analysts have issued reports on PRCT shares. Bank of America increased their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Piper Sandler reiterated an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, October 8th. Truist Financial raised their price target on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. TD Cowen boosted their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company raised their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, PROCEPT BioRobotics has a consensus rating of “Buy” and a consensus price target of $86.40.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $82.51, for a total value of $2,062,750.00. Following the completion of the transaction, the chief financial officer now owns 96,096 shares of the company’s stock, valued at $7,928,880.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Antal Rohit Desai sold 35,220 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $76.12, for a total value of $2,680,946.40. Following the completion of the transaction, the director now directly owns 23,963 shares in the company, valued at $1,824,063.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin Waters sold 25,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $7,928,880.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 179,892 shares of company stock valued at $13,946,415. 17.40% of the stock is owned by 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).