PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Stock Has Consensus Target Price of $25.25

Key Points

• Analyst sentiment is mixed but leans neutral: Sixteen brokerages give PROCEPT BioRobotics a consensus “Hold” rating, with an average 12-month price target of $25.25.
• Quarterly results missed expectations: The company reported a loss of $0.46 per share versus analysts’ expected loss of $0.39, and revenue of $98.29 million versus $100.52 million expected. Revenue nevertheless grew 18% year over year.
• Shares opened at $20.62, within a 52-week range of $16.67 to $38.11; recent analyst actions included downgrades from William Blair and Wells Fargo, while Truist raised its target to $24 and maintained a “Hold” rating.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) has earned an average recommendation of "Hold" from the sixteen brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have given a buy rating and three have assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $25.25.

A number of brokerages have issued reports on PRCT. William Blair lowered PROCEPT BioRobotics from an "outperform" rating to a "market perform" rating in a research report on Wednesday, August 5th. Wells Fargo & Company downgraded shares of PROCEPT BioRobotics from an "overweight" rating to an "equal weight" rating and set a $19.00 price target for the company. in a research report on Wednesday, August 5th. Truist Financial lifted their price target on shares of PROCEPT BioRobotics from $21.00 to $24.00 and gave the stock a "hold" rating in a research note on Friday. 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. Finally, Evercore set a $23.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th.

PROCEPT BioRobotics Price Performance

Shares of PROCEPT BioRobotics stock opened at $20.62 on Monday. The business has a 50-day moving average of $19.32 and a 200-day moving average of $23.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 5.89 and a quick ratio of 4.73. The company has a market capitalization of $1.19 billion, a PE ratio of -10.21 and a beta of 0.88. 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 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 33.23% and a negative net margin of 32.60%. The business had revenue of $98.29 million for the quarter, compared to analysts' expectations of $100.52 million. During the same period in the previous year, the firm posted ($0.38) earnings per share. The firm's revenue was up 18.0% compared to the same quarter last year. As a group, equities analysts forecast that PROCEPT BioRobotics will post -1.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pooja Sharma sold 4,710 shares of the business'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 completion of the sale, the insider owned 106,471 shares of the company's stock, valued at approximately $2,098,543.41. The trade was a 4.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 5,753 shares of company stock worth $114,685. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several large investors have recently modified their holdings of the stock. Johnson & Johnson acquired a new stake in shares of PROCEPT BioRobotics during the second quarter worth $8,082,263. Bank of America Corp DE acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at about $11,656,000. Quantinno Capital Management LP acquired a new position in shares of PROCEPT BioRobotics in the 1st quarter valued at about $1,693,000. Corient Private Wealth LP acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at about $2,448,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of PROCEPT BioRobotics during the 2nd quarter valued at about $1,203,000. 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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