Prosight Management LP Makes New $2.75 Million Investment in PROCEPT BioRobotics Corporation $PRCT

Prosight Management LP bought a new stake in PROCEPT BioRobotics Corporation (NASDAQ:PRCT) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 76,991 shares of the company’s stock, valued at approximately $2,748,000. PROCEPT BioRobotics comprises approximately 0.6% of Prosight Management LP’s portfolio, making the stock its 29th biggest holding.

A number of other large investors have also modified their holdings of the stock. Comerica Bank lifted its position in shares of PROCEPT BioRobotics by 4.8% during the 3rd quarter. Comerica Bank now owns 386,416 shares of the company’s stock worth $13,791,000 after purchasing an additional 17,832 shares during the last quarter. Marshall Wace LLP raised its position in PROCEPT BioRobotics by 9,100.2% in the 3rd quarter. Marshall Wace LLP now owns 381,534 shares of the company’s stock valued at $13,617,000 after purchasing an additional 377,387 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of PROCEPT BioRobotics during the third quarter worth about $788,000. Sei Investments Co. grew its stake in shares of PROCEPT BioRobotics by 47.2% in the 3rd quarter. Sei Investments Co. now owns 69,037 shares of the company’s stock valued at $2,464,000 after purchasing an additional 22,140 shares during the last quarter. Finally, UBS Group AG grew its position in PROCEPT BioRobotics by 129.3% in the 3rd quarter. UBS Group AG now owns 944,545 shares of the company’s stock valued at $33,711,000 after buying an additional 532,530 shares during the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Wall Street Analysts Forecast Growth

PRCT has been the subject of several recent analyst reports. Leerink Partners reduced their price objective on shares of PROCEPT BioRobotics from $55.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Truist Financial cut their price objective on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Wells Fargo & Company reduced their target price on PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a report on Thursday, February 26th. Robert W. Baird assumed coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They set a “neutral” rating and a $30.00 price objective for the company. Finally, Wall Street Zen lowered PROCEPT BioRobotics from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Eight research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.82.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock opened at $27.13 on Friday. PROCEPT BioRobotics Corporation has a 12-month low of $19.35 and a 12-month high of $66.85. The business has a 50 day simple moving average of $28.71 and a 200 day simple moving average of $32.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 6.85 and a quick ratio of 5.77. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -15.87 and a beta of 1.02.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Wednesday, February 25th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.21). PROCEPT BioRobotics had a negative return on equity of 25.13% and a negative net margin of 31.02%.The firm had revenue of $76.38 million during the quarter, compared to analyst estimates of $93.70 million. During the same quarter last year, the company earned ($0.35) earnings per share. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Insider Activity

In other news, EVP Alaleh Nouri sold 3,243 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.65, for a total value of $83,182.95. Following the transaction, the executive vice president owned 111,021 shares in the company, valued at $2,847,688.65. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin Waters sold 6,721 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $23.70, for a total transaction of $159,287.70. Following the completion of the sale, the executive vice president directly owned 152,264 shares of the company’s stock, valued at $3,608,656.80. This trade represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders acquired 426,262 shares of company stock worth $10,483,091 and sold 16,856 shares worth $405,811. Corporate insiders own 6.60% of the company’s stock.

PROCEPT BioRobotics Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.