Comerica Bank Trims Stock Holdings in PROCEPT BioRobotics Corporation $PRCT

Comerica Bank reduced its stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT) by 95.5% during the 4th quarter, Holdings Channel reports. The fund owned 17,575 shares of the company’s stock after selling 368,841 shares during the period. Comerica Bank’s holdings in PROCEPT BioRobotics were worth $553,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE lifted its position in shares of PROCEPT BioRobotics by 175.7% in the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock valued at $60,000 after acquiring an additional 1,079 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of PROCEPT BioRobotics by 90.7% in the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock valued at $98,000 after acquiring an additional 810 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of PROCEPT BioRobotics by 20.3% in the second quarter. Osaic Holdings Inc. now owns 2,001 shares of the company’s stock valued at $115,000 after acquiring an additional 337 shares in the last quarter. IFP Advisors Inc lifted its position in shares of PROCEPT BioRobotics by 24.0% in the third quarter. IFP Advisors Inc now owns 5,024 shares of the company’s stock valued at $179,000 after acquiring an additional 974 shares in the last quarter. Finally, Inceptionr LLC purchased a new stake in shares of PROCEPT BioRobotics in the third quarter valued at $212,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Antal Rohit Desai purchased 98,699 shares of the company’s stock in a transaction on Monday, March 9th. The stock was bought at an average cost of $24.55 per share, for a total transaction of $2,423,060.45. Following the completion of the purchase, the director directly owned 426,262 shares of the company’s stock, valued at $10,464,732.10. The trade was a 30.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kevin Waters sold 6,721 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total value of $159,287.70. Following the sale, the executive vice president owned 152,264 shares of the company’s stock, valued at $3,608,656.80. This represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders bought 426,262 shares of company stock worth $10,483,091 and sold 23,229 shares worth $573,466. 17.40% of the stock is currently owned by insiders.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT opened at $26.45 on Tuesday. The firm has a market capitalization of $1.51 billion, a PE ratio of -14.53 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51. The business has a 50-day moving average of $25.06 and a two-hundred day moving average of $29.17. PROCEPT BioRobotics Corporation has a 12 month low of $19.35 and a 12 month high of $66.85.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.01). The firm had revenue of $83.13 million for the quarter, compared to analyst estimates of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.45) earnings per share. As a group, research analysts forecast that PROCEPT BioRobotics Corporation will post -1.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

PRCT has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and issued a $35.00 price objective (up from $28.00) on shares of PROCEPT BioRobotics in a research report on Thursday, April 30th. Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Tuesday, April 21st. TD Cowen dropped their target price on PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Wall Street Zen upgraded PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Finally, Oppenheimer reiterated a “market perform” rating on shares of PROCEPT BioRobotics in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $41.45.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.