PROCEPT BioRobotics (NASDAQ:PRCT) Upgraded at Barclays

Key Points

• Barclays upgraded PROCEPT BioRobotics to “strong buy,” though broader analyst sentiment remains “hold,” with a consensus price target of $25.50.
• Recent analyst views were mixed: TD Cowen, UBS, Jefferies, Citigroup and Leerink Partners lowered ratings or price targets, with targets ranging from $20 to $29.
• PROCEPT reported 19.3% year-over-year revenue growth to $94.5 million in its latest quarter, but missed the EPS estimate and remains unprofitable; CEO Larry Wood separately purchased nearly $498,000 of company stock.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) was upgraded by equities research analysts at Barclays to a "strong-buy" rating in a research report issued on Tuesday, Zacks reports.

Several other analysts also recently weighed in on the stock. TD Cowen dropped their target price on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Jefferies Financial Group reissued a "hold" rating and set a $20.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Citigroup downgraded PROCEPT BioRobotics to a "hold" rating in a research report on Thursday, July 2nd. UBS Group lowered PROCEPT BioRobotics from a "buy" rating to a "neutral" rating and set a $20.00 target price for the company. in a research note on Tuesday, July 28th. Finally, Leerink Partners cut PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $31.00 to $29.00 in a research report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $25.50.

PROCEPT BioRobotics Price Performance

PRCT opened at $17.90 on Tuesday. 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 has a market capitalization of $1.03 billion, a PE ratio of -9.23 and a beta of 0.92. The business's 50-day moving average is $19.95 and its two-hundred day moving average is $22.41. PROCEPT BioRobotics has a 1 year low of $16.67 and a 1 year high of $38.11.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The firm had revenue of $94.50 million during the quarter, compared to analyst estimates of $92.77 million. During the same quarter last year, the business earned ($0.35) earnings per share. PROCEPT BioRobotics's revenue was up 19.3% on a year-over-year basis. Research analysts anticipate that PROCEPT BioRobotics will post -1.67 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood acquired 23,900 shares of the company's stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $20.85 per share, with a total value of $498,315.00. Following the acquisition, the chief executive officer directly owned 23,900 shares of the company's stock, valued at approximately $498,315. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 1,043 shares of company stock valued at $21,851. 4.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Johnson & Johnson acquired a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $8,082,263. Bank of America Corp DE acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at $11,656,000. Quantinno Capital Management LP purchased a new stake in PROCEPT BioRobotics during the first quarter worth $1,693,000. Corient Private Wealth LP purchased a new stake in PROCEPT BioRobotics during the second quarter worth $2,448,000. Finally, Rhenman & Partners Asset Management AB grew its position in PROCEPT BioRobotics by 56.7% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 611,000 shares of the company's stock valued at $19,222,000 after buying an additional 221,000 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company's primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT's flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company's AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.

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