PROCEPT BioRobotics (NASDAQ:PRCT) Announces 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 company 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%. During the same period in the previous year, the business earned ($0.51) earnings per share. PROCEPT BioRobotics’s quarterly revenue was up 66.4% compared to the same quarter last year. PROCEPT BioRobotics updated its FY 2024 guidance to EPS.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $96.69 on Wednesday. The company has a market capitalization of $5.02 billion, a PE ratio of -46.94 and a beta of 1.03. The company’s fifty day moving average price is $77.01 and its 200-day moving average price is $67.73. PROCEPT BioRobotics has a one year low of $24.83 and a one year high of $97.15. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51.

Insider Buying and Selling at PROCEPT BioRobotics

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

Analysts Set New Price Targets

PRCT has been the subject of a number of recent research reports. Bank of America boosted their price objective on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Thursday, August 22nd. Truist Financial upped their price target on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. TD Cowen raised their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Finally, Wells Fargo & Company increased their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $86.40.

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).