PROCEPT BioRobotics (NASDAQ:PRCT) Releases Earnings Results, Beats Estimates By $0.09 EPS

PROCEPT BioRobotics (NASDAQ:PRCT) released its earnings results on Monday. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09, Briefing.com reports. The firm had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The company’s revenue for the quarter was up 66.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.51) EPS. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Trading Down 2.1 %

Shares of NASDAQ PRCT opened at $91.05 on Thursday. PROCEPT BioRobotics has a twelve month low of $24.91 and a twelve month high of $99.34. The firm has a market cap of $4.73 billion, a PE ratio of -47.71 and a beta of 1.03. The business has a fifty day simple moving average of $77.01 and a two-hundred day simple moving average of $67.73. The company has a quick ratio of 6.49, a current ratio of 7.51 and a debt-to-equity ratio of 0.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PRCT shares. Wells Fargo & Company raised their target price on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. TD Cowen increased their price target on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Truist Financial reiterated a “buy” rating and issued a $105.00 target price (up previously from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday. Finally, Bank of America boosted their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, PROCEPT BioRobotics has a consensus rating of “Buy” and a consensus price target of $88.40.

Insider Transactions at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the sale, the chief financial officer now directly owns 96,096 shares in the company, valued at $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 13,305 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the sale, the director now owns 317,518 shares of the company’s stock, valued at approximately $24,248,849.66. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $72.47, for a total value of $1,811,750.00. Following the completion of the transaction, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $6,964,077.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 179,892 shares of company stock valued at $13,946,415. 17.40% of the stock is currently owned by corporate insiders.

PROCEPT BioRobotics Company 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).