PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 4.3% Following Insider Selling

PROCEPT BioRobotics Co. (NASDAQ:PRCT) shares fell 4.3% during trading on Monday following insider selling activity. The stock traded as low as $61.29 and last traded at $61.52. 446,692 shares changed hands during trading, a decline of 17% from the average session volume of 536,495 shares. The stock had previously closed at $64.31.

Specifically, EVP Alaleh Nouri sold 2,749 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $46.67, for a total value of $128,295.83. Following the completion of the sale, the executive vice president now owns 62,913 shares of the company’s stock, valued at approximately $2,936,149.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Kevin Waters sold 28,677 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $50.09, for a total transaction of $1,436,430.93. Following the completion of the sale, the chief financial officer now owns 33,523 shares of the company’s stock, valued at approximately $1,679,167.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alaleh Nouri sold 2,749 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $46.67, for a total transaction of $128,295.83. Following the sale, the executive vice president now directly owns 62,913 shares of the company’s stock, valued at approximately $2,936,149.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,581 shares of company stock worth $7,770,023. Company insiders own 19.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PRCT. Piper Sandler upped their price target on shares of PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday. Wells Fargo & Company increased their price objective on shares of PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Truist Financial increased their price objective on shares of PROCEPT BioRobotics from $63.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday. Finally, TD Cowen increased their price objective on shares of PROCEPT BioRobotics from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday. Seven analysts have rated the stock with a buy rating, According to MarketBeat, PROCEPT BioRobotics currently has a consensus rating of “Buy” and a consensus price target of $61.20.

PROCEPT BioRobotics Stock Performance

The firm has a market capitalization of $3.15 billion, a P/E ratio of -28.77 and a beta of 0.95. The company’s 50 day moving average is $50.25 and its 200-day moving average is $43.82. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Wednesday, May 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.04. PROCEPT BioRobotics had a negative net margin of 66.12% and a negative return on equity of 41.35%. The business had revenue of $44.50 million for the quarter, compared to analyst estimates of $41.58 million. During the same period in the prior year, the firm earned ($0.63) earnings per share. PROCEPT BioRobotics’s revenue was up 82.4% on a year-over-year basis. As a group, equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.96 EPS for the current year.

Institutional Trading of PROCEPT BioRobotics

Large investors have recently added to or reduced their stakes in the stock. Fairman Group LLC purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $84,000. Blue Trust Inc. increased its stake in shares of PROCEPT BioRobotics by 30.9% in the fourth quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock worth $110,000 after purchasing an additional 620 shares in the last quarter. Glass Jacobson Investment Advisors llc purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $138,000. Amalgamated Bank increased its stake in shares of PROCEPT BioRobotics by 8.8% in the third quarter. Amalgamated Bank now owns 5,488 shares of the company’s stock worth $180,000 after purchasing an additional 442 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $201,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

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).