PROCEPT BioRobotics (NASDAQ:PRCT) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded PROCEPT BioRobotics from “sell” to “hold.” Analysts overall also rate the stock “Hold,” with a consensus price target of $25.25.
• The company’s latest quarter missed analyst expectations: it reported a loss of $0.46 per share and revenue of $98.29 million, below estimates of $0.39 loss per share and $100.52 million. Revenue nevertheless grew 18% year over year.
• Shares opened at $20.62, within a 52-week range of $16.67 to $38.11.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other analysts also recently weighed in on the company. Barclays began coverage on PROCEPT BioRobotics in a report on Tuesday, October 6th. They set an "overweight" rating and a $30.00 price target for the company. William Blair lowered shares of PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a report on Wednesday, August 5th. Piper Sandler upgraded PROCEPT BioRobotics to a "strong-buy" rating in a report on Friday, October 16th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of PROCEPT BioRobotics in a report on Thursday, October 15th. Finally, Truist Financial upped their target price on PROCEPT BioRobotics from $21.00 to $24.00 and gave the company a "hold" rating in a research report on Friday. 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's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $25.25.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ:PRCT opened at $20.62 on Friday. PROCEPT BioRobotics has a 1-year low of $16.67 and a 1-year high of $38.11. The firm's 50 day simple moving average is $19.32 and its two-hundred day simple moving average is $23.13. The company has a quick ratio of 5.35, a current ratio of 6.55 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.07). PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The business had revenue of $98.29 million during the quarter, compared to analyst estimates of $100.52 million. During the same quarter in the previous year, the company posted ($0.38) EPS. The firm's revenue was up 18.0% on a year-over-year basis. On average, research analysts anticipate that PROCEPT BioRobotics will post -1.67 EPS for the current year.

Insiders Place Their Bets

In related news, insider Pooja Sharma sold 4,710 shares of the company's stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $19.71, for a total value of $92,834.10. Following the sale, the insider owned 106,471 shares in the company, valued at $2,098,543.41. This represents a 4.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 5,753 shares of company stock worth $114,685. Company insiders own 4.00% of the company's stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in PROCEPT BioRobotics in the second quarter worth $109,961,000. Wellington Management Group LLP lifted its position in shares of PROCEPT BioRobotics by 47.9% during the 2nd quarter. Wellington Management Group LLP now owns 1,274,004 shares of the company's stock valued at $28,767,000 after buying an additional 412,399 shares in the last quarter. Jupiter Topco LLC purchased a new position in shares of PROCEPT BioRobotics in the second quarter worth about $24,914,000. William Blair Investment Management LLC purchased a new stake in shares of PROCEPT BioRobotics in the 2nd quarter valued at approximately $16,020,000. Finally, Bank of America Corp DE boosted its stake in shares of PROCEPT BioRobotics by 46.3% in the first quarter. Bank of America Corp DE now owns 630,689 shares of the company's stock valued at $15,774,000 after purchasing an additional 199,484 shares during the period. 89.46% of the stock is owned by institutional investors.

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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