Pinnacle Associates Ltd. Invests $3.88 Million in PROCEPT BioRobotics Corporation $PRCT

Pinnacle Associates Ltd. acquired a new position in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 123,194 shares of the company’s stock, valued at approximately $3,876,000.

A number of other hedge funds have also modified their holdings of PRCT. US Bancorp DE grew its holdings in shares of PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $60,000 after buying an additional 1,079 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of PROCEPT BioRobotics by 90.7% during the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after buying an additional 810 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of PROCEPT BioRobotics by 20.3% during the second quarter. Osaic Holdings Inc. now owns 2,001 shares of the company’s stock worth $115,000 after buying an additional 337 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of PROCEPT BioRobotics by 24.0% during the third quarter. IFP Advisors Inc now owns 5,024 shares of the company’s stock worth $179,000 after buying an additional 974 shares in the last quarter. Finally, Inceptionr LLC bought a new position in shares of PROCEPT BioRobotics during the third quarter worth about $212,000. 89.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Antal Rohit Desai bought 167,246 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were acquired at an average cost of $25.58 per share, for a total transaction of $4,278,152.68. Following the completion of the acquisition, the director owned 167,246 shares in the company, valued at approximately $4,278,152.68. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin Waters sold 6,721 shares of the business’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $23.70, for a total transaction of $159,287.70. Following the transaction, the executive vice president owned 152,264 shares in the company, valued at approximately $3,608,656.80. The trade was a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have bought 426,262 shares of company stock worth $10,483,091 and have sold 23,229 shares worth $573,466. 6.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PRCT shares. Bank of America downgraded PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $38.00 to $20.00 in a report on Thursday, February 26th. Robert W. Baird started coverage on PROCEPT BioRobotics in a report on Friday, March 6th. They set a “neutral” rating and a $30.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Tuesday, April 21st. Wall Street Zen upgraded PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Finally, Wells Fargo & Company decreased their price objective on PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating for the company in a report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, PROCEPT BioRobotics presently has a consensus rating of “Hold” and an average price target of $41.45.

PROCEPT BioRobotics Price Performance

Shares of PRCT opened at $26.12 on Friday. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -14.35 and a beta of 0.83. PROCEPT BioRobotics Corporation has a 1-year low of $19.35 and a 1-year high of $66.85. The company’s fifty day simple moving average is $25.17 and its 200 day simple moving average is $28.98. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates 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%.PROCEPT BioRobotics’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.45) earnings per share. On average, research analysts forecast that PROCEPT BioRobotics Corporation will post -1.53 earnings per share for the current fiscal year.

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.