Pier 88 Investment Partners LLC Invests $759,000 in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

Pier 88 Investment Partners LLC acquired a new stake in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,430 shares of the company’s stock, valued at approximately $759,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Lord Abbett & CO. LLC grew its stake in shares of PROCEPT BioRobotics by 45.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after acquiring an additional 233,430 shares during the period. Perpetual Ltd purchased a new stake in PROCEPT BioRobotics during the fourth quarter valued at about $66,972,000. Oak Ridge Investments LLC boosted its position in PROCEPT BioRobotics by 24.0% during the fourth quarter. Oak Ridge Investments LLC now owns 30,059 shares of the company’s stock worth $2,420,000 after purchasing an additional 5,817 shares during the period. SG Americas Securities LLC boosted its position in PROCEPT BioRobotics by 295.8% during the fourth quarter. SG Americas Securities LLC now owns 6,598 shares of the company’s stock worth $531,000 after purchasing an additional 4,931 shares during the period. Finally, Chicago Capital LLC increased its stake in shares of PROCEPT BioRobotics by 44.5% in the fourth quarter. Chicago Capital LLC now owns 379,582 shares of the company’s stock worth $30,564,000 after purchasing an additional 116,931 shares in the last quarter. 89.46% of the stock is owned by institutional investors.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 733 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $41,824.98. Following the completion of the sale, the chief financial officer now owns 107,991 shares in the company, valued at $6,161,966.46. The trade was a 0.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Reza Zadno sold 5,475 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total transaction of $312,403.50. Following the transaction, the chief executive officer now owns 173,070 shares in the company, valued at $9,875,374.20. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,455 shares of company stock worth $368,322 over the last three months. 17.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PRCT has been the subject of several analyst reports. Morgan Stanley cut their price objective on shares of PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Truist Financial reiterated a “buy” rating and issued a $90.00 price target (down from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, PROCEPT BioRobotics presently has an average rating of “Moderate Buy” and a consensus price target of $94.29.

PROCEPT BioRobotics Trading Down 2.8 %

Shares of PRCT stock opened at $60.05 on Monday. The company has a market capitalization of $3.29 billion, a PE ratio of -30.79 and a beta of 1.05. PROCEPT BioRobotics Co. has a 52-week low of $45.56 and a 52-week high of $103.81. The business’s fifty day moving average is $65.34 and its 200 day moving average is $77.82. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02.

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