Essex Investment Management Co. LLC Reduces Stake in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Essex Investment Management Co. LLC has decreased its ownership of shares in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 36.1% during the fourth quarter, as reported in its latest Form 13F filing with the SEC. After selling 29,267 shares in the quarter, the firm now holds 51,725 shares.

Essex’s remaining shares represent about 0.10% of PROCEPT BioRobotics, valued at approximately $4,165,000 at the close of the last quarter.

Institutional Investor Activity

Other institutional investors have also modified their positions in PROCEPT BioRobotics recently. In the fourth quarter, Raleigh Capital Management Inc. acquired a new stake valued at around $32,000. Additionally, IFP Advisors Inc. purchased shares worth approximately $58,000, while Wilmington Savings Fund Society FSB bought shares valued at about $64,000 during the third quarter. Moreover, Arcadia Investment Management Corp MI invested $64,000 in the fourth quarter, and Canton Hathaway LLC also acquired shares worth about $66,000 in the third quarter. Hedge funds and other institutional investors collectively hold 89.46% of the company’s stock.

Analysts Adjust Price Targets

Several analysts have shared their insights about PROCEPT BioRobotics recently. Wells Fargo & Company maintained an "overweight" rating, setting a target price of $112.00 for the stock in a report dated December 3rd. Truist Financial reaffirmed a "buy" rating but lowered their target price from $105.00 to $90.00 in a report dated February 26th. Furthermore, Jefferies Financial Group began coverage on PROCEPT BioRobotics on November 14th, assigning a "hold" rating with a target price of $95.00. Morgan Stanley also adjusted their target price from $105.00 down to $95.00 while maintaining an "overweight" rating. Currently, one analyst has given the stock a hold rating, while six others have recommended a buy, resulting in a consensus rating of "Moderate Buy" and an average target price of $94.29 according to MarketBeat.com.

Stock Performance Overview

As of Friday, the stock opened at $59.33. PROCEPT BioRobotics has reached a 12-month low of $45.56 and a high of $103.81. The company’s market capitalization stands at $3.25 billion, with a price-to-earnings (P/E) ratio of -30.43 and a beta of 1.05. The fifty-day simple moving average is $72.49, while the two-hundred-day simple moving average is $79.75. Financial indicators include a current ratio of 6.02, a quick ratio of 5.07, and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics released its earnings results for the last quarter on February 25th, showing an EPS of ($0.35), slightly below the analysts' expectations of ($0.34) by $0.01. The company also reported a negative return on equity of 38.57% and a negative net margin of 50.07%. In the same quarter, PROCEPT BioRobotics generated revenue of $68.24 million, surpassing estimates of $66.79 million. Analysts predict projected earnings per share of -1.75 for the current fiscal year.

Company Overview

PROCEPT BioRobotics Corporation is a surgical robotics firm focused on creating innovative solutions in urology, both in the United States and worldwide. The company specializes in the development, production, and sale of the AquaBeam Robotic System, which is an image-guided surgical robotic platform designed for minimally invasive urologic surgeries targeting benign prostatic hyperplasia (BPH).

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