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

PROCEPT BioRobotics (NASDAQ:PRCT) released its quarterly 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 firm had revenue of $68.24 million for the quarter, compared to analyst estimates of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%.

PROCEPT BioRobotics Stock Performance

NASDAQ:PRCT opened at $62.71 on Wednesday. PROCEPT BioRobotics has a fifty-two week low of $45.20 and a fifty-two week high of $103.81. The company has a market cap of $3.27 billion, a P/E ratio of -32.16 and a beta of 1.03. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $75.53 and its two-hundred day moving average is $80.02.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, EVP Alaleh Nouri sold 28,092 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total value of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $5,096,605.36. This trade represents a 34.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Reza Zadno sold 26,423 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total transaction 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. The trade was a 14.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on PRCT. Wells Fargo & Company reissued an “overweight” rating and issued a $112.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. Morgan Stanley initiated coverage on shares of PROCEPT BioRobotics in a research note on Monday, December 2nd. They set an “overweight” rating and a $105.00 target price for the company. Truist Financial restated a “buy” rating and issued a $90.00 price objective (down from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday. Finally, Jefferies Financial Group assumed coverage on PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.71.

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).