JPMorgan Chase & Co. Cuts Stake in PROCEPT BioRobotics Corporation $PRCT

JPMorgan Chase & Co. lessened its stake in shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) by 17.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 607,929 shares of the company’s stock after selling 132,068 shares during the period. JPMorgan Chase & Co. owned 1.09% of PROCEPT BioRobotics worth $21,697,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vega Investment Solutions increased its stake in PROCEPT BioRobotics by 52.0% during the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company’s stock worth $45,000 after buying an additional 265 shares in the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in shares of PROCEPT BioRobotics in the third quarter valued at approximately $30,000. US Bancorp DE boosted its stake in shares of PROCEPT BioRobotics by 175.7% in the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $60,000 after acquiring an additional 1,079 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of PROCEPT BioRobotics by 90.7% in the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after acquiring an additional 810 shares during the last quarter. Finally, RiverPark Advisors LLC increased its position in shares of PROCEPT BioRobotics by 22.5% during the second quarter. RiverPark Advisors LLC now owns 1,761 shares of the company’s stock worth $101,000 after purchasing an additional 324 shares in the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on PRCT shares. Morgan Stanley reduced their price objective on PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, December 2nd. Wells Fargo & Company lowered their target price on shares of PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Jefferies Financial Group lowered shares of PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. UBS Group started coverage on shares of PROCEPT BioRobotics in a research report on Friday, December 12th. They issued a “buy” rating and a $62.00 target price for the company. Finally, Bank of America downgraded shares of PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $38.00 to $20.00 in a research note on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $40.82.

PROCEPT BioRobotics Price Performance

NASDAQ:PRCT opened at $25.10 on Wednesday. PROCEPT BioRobotics Corporation has a one year low of $19.35 and a one year high of $66.85. The stock has a market cap of $1.42 billion, a PE ratio of -14.68 and a beta of 1.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 5.77 and a current ratio of 6.85. The stock has a 50 day moving average price of $27.77 and a 200 day moving average price of $31.78.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data 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 company had revenue of $76.38 million for the quarter, compared to analyst estimates of $93.70 million. During the same period last year, the firm posted ($0.35) EPS. The business’s quarterly revenue was up 11.9% on a year-over-year basis. Equities research analysts expect that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kevin Waters sold 6,721 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $23.70, for a total value of $159,287.70. Following the completion of the sale, the executive vice president owned 152,264 shares of the company’s stock, valued at approximately $3,608,656.80. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Alaleh Nouri sold 6,892 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total transaction of $163,340.40. Following the sale, the executive vice president owned 114,264 shares of the company’s stock, valued at approximately $2,708,056.80. The trade was a 5.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have bought 426,262 shares of company stock valued at $10,483,091 and have sold 23,229 shares valued at $573,466. Corporate insiders own 17.40% of the company’s stock.

PROCEPT BioRobotics Company 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.