PROCEPT BioRobotics (NASDAQ:PRCT) Earns Sell (E+) Rating from Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed a "sell (e+)" rating for PROCEPT BioRobotics, reflecting concerns over the company's stock performance.
• PROCEPT BioRobotics reported a quarter earnings beat with revenue of $79.18 million, surpassing estimates, and a negative net margin of 30.60%.
• Recent institutional trading shows strong support, with 89.46% of the company's stock held by institutional investors and hedge funds.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other research firms also recently commented on PRCT. Piper Sandler reduced their price objective on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company reduced their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. BTIG Research reiterated a "neutral" rating on shares of PROCEPT BioRobotics in a research note on Tuesday, September 16th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Morgan Stanley reduced their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Price Performance

PRCT opened at $34.75 on Wednesday. The company has a fifty day simple moving average of $39.41 and a 200 day simple moving average of $50.88. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -22.42 and a beta of 0.99. PROCEPT BioRobotics has a twelve month low of $33.83 and a twelve month high of $103.81. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13.

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

Institutional Trading of PROCEPT BioRobotics

A number of large investors have recently modified their holdings of PRCT. Westfield Capital Management Co. LP increased its holdings in shares of PROCEPT BioRobotics by 113.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company's stock worth $92,065,000 after acquiring an additional 849,792 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of PROCEPT BioRobotics in the 2nd quarter worth about $40,819,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of PROCEPT BioRobotics by 43.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after acquiring an additional 429,461 shares during the period. Champlain Investment Partners LLC increased its holdings in shares of PROCEPT BioRobotics by 58.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 1,070,646 shares of the company's stock worth $61,669,000 after acquiring an additional 394,450 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of PROCEPT BioRobotics by 22.3% in the 1st quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after acquiring an additional 391,215 shares during the period. Institutional investors and hedge funds 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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