Essex Investment Management Co. LLC Reduces Stake in PROCEPT BioRobotics Co.

Essex Investment Management Co. LLC has decreased its shareholding in PROCEPT BioRobotics Co. (NASDAQ:PRCT) by 36.1% during the fourth quarter, as indicated in its recent Form 13F filing with the SEC. After selling 29,267 shares during this period, the firm now holds 51,725 shares of the company, which represents approximately 0.10% of PROCEPT BioRobotics, valued at about $4,165,000.

Other institutional investors have also adjusted their positions in PROCEPT BioRobotics. For example, Raleigh Capital Management Inc. acquired a new stake valued at around $32,000, while IFP Advisors Inc. and Arcadia Investment Management Corp MI purchased new stakes worth $58,000 and $64,000, respectively, during the fourth quarter. Additionally, Wilmington Savings Fund Society FSB and Canton Hathaway LLC made new investments in the company, with stakes valued at around $64,000 and $66,000 in the third quarter. Overall, institutional investors collectively own about 89.46% of PROCEPT BioRobotics's stock.

Analyst Updates and Price Targets

Several financial analysts have recently provided updates regarding PROCEPT BioRobotics. Wells Fargo & Company reaffirmed an "overweight" rating and set a target price of $112.00 per share on December 3rd. Truist Financial established a "buy" rating and adjusted their target price from $105.00 to $90.00 on February 26th. Jefferies Financial Group initiated coverage of PROCEPT BioRobotics with a "hold" rating and a target price of $95.00. Morgan Stanley likewise reduced their price target from $105.00 to $95.00 while maintaining an "overweight" rating. Currently, MarketBeat.com reports that PROCEPT BioRobotics has an average rating of "Moderate Buy" with a consensus price target of $94.29, supported by one hold rating and six buy ratings.

Recent Stock Performance

As of Friday, PROCEPT BioRobotics Co.'s stock opened at $59.33. The company experienced a 12-month range from a low of $45.56 to a high of $103.81. With a market capitalization of approximately $3.25 billion, PROCEPT BioRobotics has a price-to-earnings ratio of -30.43 and a beta of 1.05. The company's shares have shown a fifty-day simple moving average of $72.49 and a two-hundred-day simple moving average of $79.75. Financial metrics reveal a current ratio of 6.02, a quick ratio of 5.07, and a debt-to-equity ratio of 0.21.

In its latest earnings report released on February 25th, PROCEPT BioRobotics reported earnings of ($0.35) per share, falling short of analysts' expectations of ($0.34) by a narrow margin. The company reported revenue of $68.24 million for the quarter, slightly exceeding projections of $66.79 million. Analysts predict that PROCEPT BioRobotics will register earnings of -1.75 per share for the current fiscal year.

Company Overview

PROCEPT BioRobotics Corporation is a company focused on innovative solutions in the field of urology, both in the United States and abroad. The firm is dedicated to developing, manufacturing, and selling the AquaBeam Robotic System, which is an image-guided surgical robotic system designed for minimally invasive urological procedures, particularly targeting benign prostatic hyperplasia (BPH).

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