Leerink Partners Issues Positive Forecast for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

Key Points

• Leerink Partners raised its price target on PROCEPT BioRobotics from $20 to $22, maintaining a “market perform” rating; the new target implies about 9% upside from the share price cited.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $24.92, with ratings ranging from Strong Buy to Sell.
• Quarterly results missed estimates: PROCEPT reported a loss of $0.46 per share and $98.29 million in revenue, below forecasts, although revenue grew 18% year over year.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its target price boosted by equities research analysts at Leerink Partners from $20.00 to $22.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Leerink Partners's price target indicates a potential upside of 9.18% from the company's current price.

Several other equities research analysts have also recently weighed in on PRCT. Oppenheimer reaffirmed a "market perform" rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. TD Cowen decreased their target price on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. William Blair cut shares of PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PROCEPT BioRobotics in a report on Thursday, October 15th. Finally, Piper Sandler raised shares of PROCEPT BioRobotics to a "strong-buy" rating in a research note on Friday, October 16th. Three investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $24.92.

PROCEPT BioRobotics Price Performance

Shares of PRCT stock traded down $1.51 during trading on Thursday, hitting $20.15. The company had a trading volume of 1,981,567 shares, compared to its average volume of 1,504,255. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55. The firm has a market capitalization of $1.15 billion, a P/E ratio of -10.45 and a beta of 0.88. The stock's 50-day moving average price is $19.34 and its 200 day moving average price is $23.23. PROCEPT BioRobotics has a one year low of $16.67 and a one year high of $38.11.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.07). PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%. The company had revenue of $98.29 million for the quarter, compared to analyst estimates of $100.52 million. During the same period in the prior year, the company earned ($0.38) EPS. The company's quarterly revenue was up 18.0% compared to the same quarter last year. Equities analysts expect that PROCEPT BioRobotics will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, CEO Larry Wood bought 23,900 shares of the company's stock in a transaction on Friday, August 7th. The stock was purchased at an average cost of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the transaction, the chief executive officer owned 23,900 shares of the company's stock, valued at $498,315. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 1,043 shares of company stock worth $21,851 over the last quarter. Insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in PROCEPT BioRobotics by 994.5% in the second quarter. Versant Capital Management Inc now owns 1,193 shares of the company's stock worth $27,000 after purchasing an additional 1,084 shares during the period. Nykredit A S acquired a new position in PROCEPT BioRobotics during the 2nd quarter worth approximately $27,000. Sterling Capital Management LLC raised its stake in PROCEPT BioRobotics by 849.2% during the 3rd quarter. Sterling Capital Management LLC now owns 1,870 shares of the company's stock worth $34,000 after buying an additional 1,673 shares during the period. Signaturefd LLC boosted its holdings in PROCEPT BioRobotics by 162.7% in the third quarter. Signaturefd LLC now owns 1,899 shares of the company's stock worth $35,000 after acquiring an additional 1,176 shares in the last quarter. Finally, Essential Partners LLC grew its stake in PROCEPT BioRobotics by 7,071.4% in the first quarter. Essential Partners LLC now owns 2,008 shares of the company's stock valued at $50,000 after acquiring an additional 1,980 shares during the period. Institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms. The company's technology is designed to provide a minimally invasive alternative to conventional surgical procedures.

Its primary product is the AquaBeam Robotic System, which uses image guidance, robotic assistance and a high-velocity waterjet to remove targeted prostate tissue.

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