WALTHAM, MA – Vicarious Surgical Inc. (NYSE:RBOT) disclosed in a recent filing that CFO and Treasurer William John Kelly sold a small number of shares to meet tax withholding requirements related to the vesting of restricted stock units. The transaction, which occurred on September 20, involved the sale of 37 shares of Class A Common Stock at a weighted average price of $5.747 per share, resulting in a total transaction value of approximately $212.
The shares were sold in a range of prices from $5.62 to $6.03, according to the filing. The sale was made to cover the executive's tax obligations following the vesting of restricted stock units that were initially granted on November 23, 2021.
Following the sale, Kelly continues to hold 12,587 shares of Vicarious Surgical Inc. The company, which operates in the medical devices sector, specializes in orthopedic, prosthetic, and surgical appliances and supplies.
The filing noted that Kelly is willing to provide further details about the sale, including the number of shares sold at each specific price point, upon request by the Securities Exchange Commission, Vicarious Surgical Inc., or any of its security holders.
Investors often monitor insider transactions as they may provide insights into the executives' perspectives on the company's current valuation and future prospects. However, it is not uncommon for executives to sell shares for reasons such as personal financial planning or to meet tax obligations, as in this case.
In other recent news, Vicarious Surgical Inc. has been making significant strides in the development of its robotic system. TD (TSX:TD) Cowen recently upgraded the company's stock price target to $10.00, maintaining a Buy rating, while Piper Sandler revised its price target to $12, continuing with a neutral rating. These adjustments followed the release of Vicarious Surgical's Q2 financial results, which revealed an adjusted earnings per share of -$2.86, slightly missing the consensus estimate of -$2.72. Operating expenses increased by 17% to $17.7 million, primarily due to investments in research and development.
The company is progressing with its V1.0 surgical system integration and clinical trial plans, including partnerships with hospital systems like LSU Health New Orleans. Vicarious Surgical expects to begin surgical operations on humans around the same time next year, aligning with previous projections. The company's management has projected a cash burn of approximately $50 million for the year 2024. These are just some of the recent developments surrounding Vicarious Surgical.
InvestingPro Insights
Amid the news of Vicarious Surgical Inc.'s (NYSE:RBOT) CFO William John Kelly's recent share sale, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Vicarious Surgical Inc. has a market capitalization of $32.61 million, which reflects the scale of the company within the medical devices sector. The company's Price to Earnings (P/E) ratio stands at -0.52, indicating that investors are currently facing losses, as the company has not reported positive earnings.
One of the InvestingPro Tips highlights that Vicarious Surgical Inc. holds more cash than debt on its balance sheet, suggesting a degree of financial stability in terms of liquidity. However, another tip points to the company quickly burning through cash, which may raise concerns about its long-term sustainability and capacity for growth.
Performance metrics over the past year show a challenging period for Vicarious Surgical Inc., with the stock price having fallen significantly, evidenced by a one-year price total return of -72.93%. This decline in stock value could be a reflection of the broader market sentiment towards the company's current financial position and future outlook.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available on the platform. These tips may provide further insights into Vicarious Surgical Inc.'s performance and valuation, including aspects such as gross profit margins and free cash flow yield. Currently, InvestingPro lists 9 more tips for Vicarious Surgical Inc., which can be found at InvestingPro.
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