PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• PROCEPT BioRobotics Corporation has received a consensus rating of "Moderate Buy" from nine brokerages, with an average 12-month price target set at $73.22.
• Institutional investors own approximately 89.46% of PROCEPT's stock, indicating strong support from major financial firms.
• The company reported a revenue increase of 48.3% year-over-year, reaching $79.18 million for the quarter, despite a loss of ($0.35) earnings per share.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the nine brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $73.2222.

A number of brokerages have recently weighed in on PRCT. 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 note on Tuesday, July 15th. 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 decreased 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. Wells Fargo & Company lowered their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Stephens started coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT opened at $39.52 on Wednesday. The business's 50-day simple moving average is $48.03 and its 200-day simple moving average is $54.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21. PROCEPT BioRobotics has a 52 week low of $37.12 and a 52 week high of $103.81. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -25.50 and a beta of 1.03.

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

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the transaction, the director directly owned 14,363 shares in the company, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 17.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in PROCEPT BioRobotics by 9.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after purchasing an additional 723 shares during the period. Champlain Investment Partners LLC lifted its stake in shares of PROCEPT BioRobotics by 48.0% in the first quarter. Champlain Investment Partners LLC now owns 676,196 shares of the company's stock valued at $39,395,000 after buying an additional 219,266 shares during the period. GAMMA Investing LLC lifted its stake in shares of PROCEPT BioRobotics by 7,021.1% in the first quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock valued at $373,000 after buying an additional 6,319 shares during the period. Bessemer Group Inc. grew its position in PROCEPT BioRobotics by 50.7% during the first quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after buying an additional 3,665 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in PROCEPT BioRobotics by 5.0% during the first quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock valued at $3,750,000 after acquiring an additional 3,077 shares during the period. Institutional investors own 89.46% of the company's stock.

About PROCEPT BioRobotics

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).

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