PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist raised its price target for PROCEPT BioRobotics from $21 to $24 but kept a Hold rating, implying 16.96% upside from the prior close.
• Analyst sentiment remains mixed but consensus is Hold, with a $25.25 average price target; ratings include three Strong Buys, two Buys, nine Holds, and two Sells.
• The company’s latest quarter missed analysts’ EPS and revenue estimates, though revenue increased 18% year over year.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its price target increased by equities researchers at Truist Financial from $21.00 to $24.00 in a report released on Friday, Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price target indicates a potential upside of 16.96% from the company's previous close.

Other equities analysts have also issued research reports about the stock. William Blair lowered shares of PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 5th. Oppenheimer reiterated a "market perform" rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. Evercore set a $23.00 target price on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Weiss Ratings restated a "sell (e+)" rating on shares of PROCEPT BioRobotics in a research report on Thursday, October 15th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $20.00 price target on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $25.25.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT traded up $0.25 during mid-day trading on Friday, hitting $20.52. The company had a trading volume of 607,777 shares, compared to its average volume of 1,505,450. PROCEPT BioRobotics has a 12 month low of $16.67 and a 12 month high of $38.11. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -10.17 and a beta of 0.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.55 and a quick ratio of 5.35. The firm's 50 day simple moving average is $19.32 and its two-hundred day simple moving average is $23.18.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued 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). The company had revenue of $98.29 million for the quarter, compared to the consensus estimate of $100.52 million. PROCEPT BioRobotics had a negative return on equity of 32.71% and a negative net margin of 32.60%. PROCEPT BioRobotics's quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.38) earnings per share. As a group, equities research analysts forecast that PROCEPT BioRobotics will post -1.67 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PRCT. Fifth Third Bancorp raised its stake in shares of PROCEPT BioRobotics by 71.9% in the 3rd quarter. Fifth Third Bancorp now owns 161,139 shares of the company's stock worth $2,936,000 after buying an additional 67,420 shares in the last quarter. Fulcrum Asset Management LLP lifted its holdings in shares of PROCEPT BioRobotics by 19,930.2% in the third quarter. Fulcrum Asset Management LLP now owns 21,232 shares of the company's stock valued at $387,000 after buying an additional 21,126 shares during the period. Parallel Advisors LLC lifted its holdings in shares of PROCEPT BioRobotics by 51.8% in the third quarter. Parallel Advisors LLC now owns 3,656 shares of the company's stock valued at $67,000 after buying an additional 1,247 shares during the period. Inscription Capital LLC boosted its stake in PROCEPT BioRobotics by 4.1% during the third quarter. Inscription Capital LLC now owns 42,398 shares of the company's stock valued at $772,000 after buying an additional 1,662 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in PROCEPT BioRobotics during the third quarter valued at about $159,000. Institutional investors own 89.46% of the company's stock.

About PROCEPT BioRobotics

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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