PROCEPT BioRobotics (NASDAQ:PRCT) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

PROCEPT BioRobotics (NASDAQ:PRCT) posted its earnings results on Tuesday. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01), Zacks reports. The company had revenue of $68.24 million for the quarter, compared to the consensus estimate of $66.79 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%.

PROCEPT BioRobotics Trading Down 0.6 %

Shares of NASDAQ PRCT traded down $0.43 during midday trading on Thursday, hitting $67.68. The stock had a trading volume of 235,531 shares, compared to its average volume of 919,147. The company’s 50-day simple moving average is $75.25 and its 200 day simple moving average is $79.94. The firm has a market cap of $3.53 billion, a P/E ratio of -34.70 and a beta of 1.03. PROCEPT BioRobotics has a fifty-two week low of $45.20 and a fifty-two week high of $103.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07.

Analyst Upgrades and Downgrades

PRCT has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. Wells Fargo & Company restated an “overweight” rating and set a $112.00 target price on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Truist Financial reiterated a “buy” rating and issued a $90.00 price objective (down previously from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday. Finally, Morgan Stanley cut their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.29.

Insider Activity

In related news, EVP Alaleh Nouri sold 28,092 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at $5,096,605.36. The trade was a 34.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Reza Zadno sold 26,423 shares of PROCEPT BioRobotics stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.22, for a total value of $2,568,844.06. Following the sale, the chief executive officer now directly owns 152,762 shares of the company’s stock, valued at approximately $14,851,521.64. This trade represents a 14.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.40% of the company’s stock.

About PROCEPT BioRobotics

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).