PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Stock Now Rated "Hold" by Wall Street Analysts

Key Points

• Analysts rate PROCEPT BioRobotics “Hold.” Of 16 analysts, nine recommend holding, five recommend buying, and two recommend selling; the average 12-month price target is $25.50.
• PRCT shares opened at $17.51, near their 52-week low of $16.67 and well below the 52-week high of $38.11. The company reported quarterly revenue of $94.5 million, up 19.3% year over year, but its $0.47 per-share loss slightly exceeded analyst expectations.
• Institutional investors own 89.46% of the stock, with BlackRock initiating an approximately $110 million position and Wellington increasing its stake. CEO Larry Wood also purchased 23,900 shares for about $498,000.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) has been assigned a consensus recommendation of "Hold" from the sixteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $25.50.

Several research firms have issued reports on PRCT. Citigroup downgraded PROCEPT BioRobotics to a "hold" rating in a report on Thursday, July 2nd. Oppenheimer reiterated a "market perform" rating on shares of PROCEPT BioRobotics in a report on Wednesday, September 9th. Wells Fargo & Company downgraded shares of PROCEPT BioRobotics from an "overweight" rating to an "equal weight" rating and set a $19.00 target price on the stock. in a research report on Wednesday, August 5th. UBS Group downgraded shares of PROCEPT BioRobotics from a "buy" rating to a "neutral" rating and set a $20.00 target price on the stock. in a research report on Tuesday, July 28th. Finally, Evercore set a $23.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT opened at $17.51 on Thursday. The stock's fifty day simple moving average is $19.95 and its 200 day simple moving average is $22.22. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -9.03 and a beta of 0.92. 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 has a 52-week low of $16.67 and a 52-week 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) EPS 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 company had revenue of $94.50 million for the quarter, compared to analysts' expectations of $92.77 million. During the same period in the prior year, the company earned ($0.35) earnings per share. The company's revenue for the quarter was up 19.3% on a year-over-year basis. As a group, sell-side analysts forecast that PROCEPT BioRobotics will post -1.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Larry Wood acquired 23,900 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average price of $20.85 per share, with a total value of $498,315.00. Following the purchase, the chief executive officer owned 23,900 shares of the company's stock, valued at approximately $498,315. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 1,043 shares of company stock valued at $21,851. Company insiders own 4.00% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

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