AlphaCentric Advisors LLC Trims Position in PROCEPT BioRobotics Co. (NASDAQ:PRCT)

AlphaCentric Advisors LLC decreased its holdings in shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 60.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the company’s stock after selling 15,000 shares during the quarter. AlphaCentric Advisors LLC’s holdings in PROCEPT BioRobotics were worth $611,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hennion & Walsh Asset Management Inc. purchased a new stake in PROCEPT BioRobotics in the second quarter worth $284,000. KRS Capital Management LLC purchased a new stake in shares of PROCEPT BioRobotics in the second quarter worth $2,817,000. M&G Plc purchased a new stake in shares of PROCEPT BioRobotics in the second quarter worth $8,507,000. Contravisory Investment Management Inc. purchased a new stake in shares of PROCEPT BioRobotics in the second quarter worth $311,000. Finally, Castleark Management LLC purchased a new stake in shares of PROCEPT BioRobotics in the first quarter worth $2,841,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on PRCT. Bank of America increased their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company increased their price objective on PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. TD Cowen increased their price objective on PROCEPT BioRobotics from $65.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Piper Sandler increased their price objective on PROCEPT BioRobotics from $67.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $74.00 price objective (down from $79.00) on shares of PROCEPT BioRobotics in a research report on Friday, August 2nd. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $70.67.

PROCEPT BioRobotics Price Performance

PRCT traded down $1.32 on Monday, hitting $78.02. 509,180 shares of the company’s stock traded hands, compared to its average volume of 594,129. The company’s 50 day simple moving average is $64.56 and its 200-day simple moving average is $58.51. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -37.68 and a beta of 1.00. PROCEPT BioRobotics Co. has a one year low of $24.83 and a one year high of $85.81. The company has a current ratio of 7.51, a quick ratio of 6.49 and a debt-to-equity ratio of 0.20.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Thursday, August 1st. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.02. The company had revenue of $53.35 million for the quarter, compared to the consensus estimate of $50.10 million. PROCEPT BioRobotics had a negative return on equity of 37.85% and a negative net margin of 58.73%. The firm’s quarterly revenue was up 61.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.56) EPS. As a group, research analysts anticipate that PROCEPT BioRobotics Co. will post -1.88 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $62.18, for a total transaction of $621,800.00. Following the completion of the transaction, the executive vice president now owns 52,472 shares in the company, valued at approximately $3,262,708.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Hisham Shiblaq sold 26,046 shares of PROCEPT BioRobotics stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $68.24, for a total value of $1,777,379.04. Following the completion of the transaction, the executive vice president now owns 55,860 shares in the company, valued at approximately $3,811,886.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Alaleh Nouri sold 10,000 shares of PROCEPT BioRobotics stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $62.18, for a total value of $621,800.00. Following the completion of the transaction, the executive vice president now owns 52,472 shares of the company’s stock, valued at approximately $3,262,708.96. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by company insiders.

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).