PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Consensus "Hold" — Fourteen brokerages give an average "Hold" rating (2 sell, 4 hold, 8 buy) with a 1-year analyst price target of $40.82.
• Earnings miss — The company reported Q results of ($0.53) EPS versus ($0.32) expected and revenue of $76.38M versus $93.7M expected, with a negative net margin (~31%) and analysts forecasting -$1.58 EPS for the fiscal year.
• Significant insider buying — Director Antal Rohit Desai purchased 98,699 shares at $24.55 (~$2.42M), and insiders net bought ~426,262 shares (~$10.48M) this quarter; insiders own 6.6% and institutional investors own ~89.5% of the company.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) has received an average recommendation of "Hold" from the fourteen brokerages that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $40.8182.

PRCT has been the subject of a number of research reports. Jefferies Financial Group lowered shares of PROCEPT BioRobotics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Piper Sandler lowered their price objective on shares of PROCEPT BioRobotics from $50.00 to $28.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Oppenheimer reiterated a "market perform" rating on shares of PROCEPT BioRobotics in a research report on Thursday, February 26th. Wells Fargo & Company lowered their price objective on shares of PROCEPT BioRobotics from $51.00 to $34.00 and set an "overweight" rating for the company in a research report on Thursday, February 26th. Finally, Truist Financial lowered their price objective on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, February 27th.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ:PRCT opened at $25.11 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 5.77 and a current ratio of 6.85. The firm has a fifty day moving average price of $25.68 and a 200 day moving average price of $29.95. PROCEPT BioRobotics has a fifty-two week low of $19.35 and a fifty-two week high of $66.85. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -14.68 and a beta of 0.94.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.21). PROCEPT BioRobotics had a negative return on equity of 25.13% and a negative net margin of 31.02%.The company had revenue of $76.38 million for the quarter, compared to the consensus estimate of $93.70 million. During the same quarter in the prior year, the company posted ($0.35) EPS. PROCEPT BioRobotics's revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts expect that PROCEPT BioRobotics will post -1.58 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai bought 98,699 shares of the stock in a transaction dated Monday, March 9th. The stock was purchased at an average price of $24.55 per share, for a total transaction of $2,423,060.45. Following the acquisition, the director owned 426,262 shares of the company's stock, valued at $10,464,732.10. The trade was a 30.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kevin Waters sold 6,721 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total transaction of $159,287.70. Following the completion of the sale, the executive vice president owned 152,264 shares of the company's stock, valued at $3,608,656.80. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 426,262 shares of company stock worth $10,483,091 and sold 23,229 shares worth $573,466. Company insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors have recently made changes to their positions in the company. Pictet Asset Management Holding SA increased its stake in PROCEPT BioRobotics by 21.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 9,230 shares of the company's stock worth $231,000 after buying an additional 1,626 shares during the period. Cache Advisors LLC purchased a new position in PROCEPT BioRobotics in the 1st quarter worth about $42,000. Diversified Trust Co increased its stake in PROCEPT BioRobotics by 4.4% in the 1st quarter. Diversified Trust Co now owns 31,983 shares of the company's stock worth $800,000 after buying an additional 1,349 shares during the period. Rockefeller Capital Management L.P. increased its stake in PROCEPT BioRobotics by 2,727.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 228,186 shares of the company's stock worth $7,179,000 after buying an additional 220,115 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its stake in PROCEPT BioRobotics by 570.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company's stock worth $36,000 after buying an additional 975 shares during the period. Institutional investors own 89.46% of the company's stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company's technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company's flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.