Verition Fund Management LLC Invests $2.13 Million in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Verition Fund Management LLC bought a new stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT) during the third quarter, according to its most recent filing with the SEC. The firm bought 26,610 shares of the company’s stock, valued at approximately $2,132,000.

Several other institutional investors have also recently bought and sold shares of PRCT. M&G Plc bought a new stake in PROCEPT BioRobotics during the second quarter valued at about $8,507,000. KRS Capital Management LLC acquired a new position in shares of PROCEPT BioRobotics during the 2nd quarter worth about $2,817,000. Hennion & Walsh Asset Management Inc. bought a new stake in PROCEPT BioRobotics during the 2nd quarter valued at approximately $284,000. RiverPark Advisors LLC acquired a new stake in PROCEPT BioRobotics in the 2nd quarter valued at approximately $135,000. Finally, Legato Capital Management LLC increased its position in PROCEPT BioRobotics by 23.1% in the 2nd quarter. Legato Capital Management LLC now owns 51,670 shares of the company’s stock worth $3,157,000 after buying an additional 9,701 shares during the period. Institutional investors own 89.46% of the company’s stock.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 44,867 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $80.11, for a total value of $3,594,295.37. Following the transaction, the director now directly owns 197,453 shares in the company, valued at $15,817,959.83. The trade was a 18.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the company’s 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 sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $6,964,077.12. This represents a 20.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 539,668 shares of company stock worth $47,960,744 over the last three months. Company insiders own 17.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Truist Financial reissued a “buy” rating and issued a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. TD Cowen increased their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a report on Monday, September 16th. Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a report on Monday. They set an “overweight” rating and a $105.00 price objective on the stock. 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. Finally, Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, PROCEPT BioRobotics presently has an average rating of “Moderate Buy” and an average target price of $97.86.

PROCEPT BioRobotics Price Performance

Shares of PROCEPT BioRobotics stock opened at $93.61 on Friday. The firm has a market cap of $4.88 billion, a P/E ratio of -48.00 and a beta of 0.99. The firm’s 50-day simple moving average is $85.25 and its 200-day simple moving average is $74.48. PROCEPT BioRobotics Co. has a twelve month low of $36.99 and a twelve month high of $103.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. During the same period in the previous year, the business earned ($0.51) earnings per share. The company’s quarterly revenue was up 66.4% on a year-over-year basis. As a group, research analysts expect that PROCEPT BioRobotics Co. will post -1.75 EPS for the current fiscal year.

PROCEPT BioRobotics 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).