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

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price fell 4.3% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $61.29 and last traded at $61.52. 446,692 shares were traded during mid-day trading, a decline of 17% from the average session volume of 536,495 shares. The stock had previously closed at $64.31.

Specifically, Director Thomas M. Krummel sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the director now owns 45,631 shares of the company’s stock, valued at $2,737,860. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other PROCEPT BioRobotics news, Director Thomas M. Krummel sold 20,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the director now owns 45,631 shares of the company’s stock, valued at $2,737,860. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Alaleh Nouri sold 30,432 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $62.97, for a total value of $1,916,303.04. Following the transaction, the executive vice president now owns 62,472 shares in the company, valued at approximately $3,933,861.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 144,581 shares of company stock valued at $7,770,023. Company insiders own 19.60% of the company’s stock.

Wall Street Analysts Forecast Growth

PRCT has been the topic of a number of recent research reports. TD Cowen boosted their price objective on PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company boosted their price target on PROCEPT BioRobotics from $44.00 to $47.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. Piper Sandler boosted their price target on PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Truist Financial boosted their price target on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $61.20.

PROCEPT BioRobotics Price Performance

The company has a market capitalization of $3.15 billion, a P/E ratio of -28.77 and a beta of 0.95. The company has a fifty day moving average price of $50.25 and a 200 day moving average price of $43.82. 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 (NASDAQ:PRCT) last posted its earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.04. The company had revenue of $44.50 million during the quarter, compared to analyst estimates of $41.58 million. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. The business’s revenue was up 82.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.63) earnings per share. On average, sell-side analysts forecast that PROCEPT BioRobotics Co. will post -1.96 EPS for the current fiscal year.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRCT. Fairman Group LLC bought a new position in PROCEPT BioRobotics in the 4th quarter worth approximately $84,000. Blue Trust Inc. boosted its stake in PROCEPT BioRobotics by 30.9% during the 4th quarter. Blue Trust Inc. now owns 2,629 shares of the company’s stock valued at $110,000 after purchasing an additional 620 shares in the last quarter. Glass Jacobson Investment Advisors llc bought a new position in PROCEPT BioRobotics during the 4th quarter valued at $138,000. Amalgamated Bank boosted its stake in PROCEPT BioRobotics by 8.8% during the 3rd quarter. Amalgamated Bank now owns 5,488 shares of the company’s stock valued at $180,000 after purchasing an additional 442 shares in the last quarter. Finally, Jump Financial LLC bought a new position in PROCEPT BioRobotics during the 4th quarter valued at $201,000. 89.46% of the stock is owned by institutional investors.

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).