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

Essex Investment Management Co. LLC lessened its stake in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 36.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 51,725 shares of the company’s stock after selling 29,267 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.10% of PROCEPT BioRobotics worth $4,165,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Raleigh Capital Management Inc. purchased a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $32,000. IFP Advisors Inc purchased a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $58,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of PROCEPT BioRobotics during the third quarter valued at approximately $64,000. Arcadia Investment Management Corp MI purchased a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $64,000. Finally, Canton Hathaway LLC purchased a new stake in shares of PROCEPT BioRobotics during the third quarter valued at approximately $66,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wells Fargo & Company restated an “overweight” rating and set a $112.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. Truist Financial restated a “buy” rating and set a $90.00 target price (down previously from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday, February 26th. Jefferies Financial Group started coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. Finally, Morgan Stanley decreased their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, PROCEPT BioRobotics presently has an average rating of “Moderate Buy” and an average target price of $94.29.

PROCEPT BioRobotics Price Performance

PRCT opened at $59.33 on Friday. PROCEPT BioRobotics Co. has a 12-month low of $45.56 and a 12-month high of $103.81. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -30.43 and a beta of 1.05. The stock has a fifty day simple moving average of $72.49 and a two-hundred day simple moving average of $79.75. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $66.79 million. Research analysts predict that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

PROCEPT BioRobotics 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).