Analysts Set PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Price Target at $73.22

Key Points

• PROCEPT BioRobotics receives a consensus recommendation of "Moderate Buy" from analysts, with one hold rating and eight buy ratings among nine firms covering the company.
• The average 12-month price target for PROCEPT BioRobotics stock is set at $73.22, although various analysts have recently adjusted their target prices downward.
• The company's quarterly earnings report revealed a 48.3% year-over-year revenue increase, outperforming consensus estimates with reported revenue of $79.18 million.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $73.2222.

Several research firms recently issued reports on PRCT. Wells Fargo & Company decreased their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Piper Sandler decreased their price objective 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 began coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective for the company. Morgan Stanley decreased their price objective on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Finally, Oppenheimer raised 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 report on Tuesday, September 2nd.

PROCEPT BioRobotics Stock Up 3.8%

PRCT stock traded up $1.42 during trading hours on Wednesday, hitting $38.56. The company's stock had a trading volume of 196,596 shares, compared to its average volume of 1,013,294. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $2.15 billion, a PE ratio of -24.90 and a beta of 1.03. PROCEPT BioRobotics has a 12 month low of $36.90 and a 12 month high of $103.81. The stock has a 50 day moving average price of $46.77 and a two-hundred day moving average price of $53.62.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its 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. The company had revenue of $79.18 million during the quarter, compared to the consensus estimate of $75.67 million. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The company's revenue for the quarter was up 48.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.50) earnings per share. On average, equities research analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several large investors have recently bought and sold shares of PRCT. Bank of America Corp DE raised its stake in PROCEPT BioRobotics by 6.3% during the 4th quarter. Bank of America Corp DE now owns 623,408 shares of the company's stock valued at $50,197,000 after purchasing an additional 36,944 shares during the last quarter. Deutsche Bank AG raised its stake in PROCEPT BioRobotics by 54.6% during the 4th quarter. Deutsche Bank AG now owns 145,242 shares of the company's stock valued at $11,695,000 after purchasing an additional 51,289 shares during the last quarter. Ensign Peak Advisors Inc raised its stake in PROCEPT BioRobotics by 1.1% during the 4th quarter. Ensign Peak Advisors Inc now owns 14,165 shares of the company's stock valued at $1,141,000 after purchasing an additional 150 shares during the last quarter. Graham Capital Management L.P. acquired a new position in PROCEPT BioRobotics during the 4th quarter valued at $230,000. Finally, Millennium Management LLC raised its stake in PROCEPT BioRobotics by 240.2% during the 4th quarter. Millennium Management LLC now owns 287,847 shares of the company's stock valued at $23,177,000 after purchasing an additional 203,241 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).