PROCEPT BioRobotics' (PRCT) "Neutral" Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research has reaffirmed a "Neutral" rating for PROCEPT BioRobotics (NASDAQ:PRCT) in a recent research note to investors.
• The stock has an average rating of "Moderate Buy" with a consensus target price of $70.00, according to data from MarketBeat.
• PROCEPT BioRobotics reported a quarterly revenue of $79.18 million, surpassing analysts' expectations and showing a 48.3% increase compared to the same quarter last year.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at BTIG Research in a report released on Tuesday,Benzinga reports.

Several other research analysts have also recently commented on the stock. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Piper Sandler lowered their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective for the company. Oppenheimer upgraded shares of PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a research report on Tuesday, September 2nd. Finally, Morgan Stanley reduced their price objective on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, PROCEPT BioRobotics has an average rating of "Moderate Buy" and a consensus price target of $70.00.

PROCEPT BioRobotics Stock Down 1.7%

Shares of PRCT stock traded down $0.64 during trading on Tuesday, reaching $37.39. The company's stock had a trading volume of 1,325,984 shares, compared to its average volume of 960,584. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -24.12 and a beta of 1.03. The stock's 50-day moving average price is $44.79 and its 200 day moving average price is $52.89. PROCEPT BioRobotics has a 1-year low of $36.75 and a 1-year high of $103.81.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The company had revenue of $79.18 million during the quarter, compared to analysts' expectations of $75.67 million. During the same quarter in the previous year, the business posted ($0.50) EPS. The firm's revenue was up 48.3% on a year-over-year basis. On average, research analysts anticipate that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of large investors have recently bought and sold shares of PRCT. Westfield Capital Management Co. LP raised its position in PROCEPT BioRobotics by 113.5% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company's stock worth $92,065,000 after buying an additional 849,792 shares during the last quarter. Mackenzie Financial Corp purchased a new position in PROCEPT BioRobotics during the 2nd quarter worth $40,819,000. T. Rowe Price Investment Management Inc. raised its position in PROCEPT BioRobotics by 43.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after buying an additional 429,461 shares during the last quarter. Champlain Investment Partners LLC raised its position in PROCEPT BioRobotics by 58.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 1,070,646 shares of the company's stock worth $61,669,000 after buying an additional 394,450 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in PROCEPT BioRobotics by 22.3% during the 1st quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after buying an additional 391,215 shares during the last quarter. Hedge funds and other institutional investors own 89.46% of the company's stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).