PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Cut to $55.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has lowered its price target for PROCEPT BioRobotics from $80.00 to $55.00, while maintaining an "overweight" rating, suggesting a potential upside of 46.36% from its previous close.
• Despite the recent downgrade, the overall consensus among analysts remains positive, with an average rating of "Moderate Buy" and a consensus target price of $81.63 for the stock.
• PROCEPT BioRobotics reported a quarterly revenue of $79.18 million, exceeding analysts' expectations, along with a smaller quarterly loss than anticipated, indicating strong growth potential in its business operations.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its price objective decreased by analysts at Piper Sandler from $80.00 to $55.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 46.36% from the stock's previous close.

Several other brokerages have also recently issued reports on PRCT. Morgan Stanley dropped their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Stephens began coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price for the company. Bank of America reduced their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Truist Financial reduced their target price on PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Oppenheimer started coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $81.63.

PROCEPT BioRobotics Trading Down 17.8%

PRCT opened at $37.58 on Thursday. PROCEPT BioRobotics has a one year low of $39.61 and a one year high of $103.81. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -22.38 and a beta of 1.05. The stock's 50 day moving average price is $57.69 and its 200-day moving average price is $59.37. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.75 and a current ratio of 8.95.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 28.09% and a negative net margin of 36.20%. The company had revenue of $79.18 million for the quarter, compared to analysts' expectations of $75.67 million. During the same quarter in the prior year, the firm earned ($0.50) earnings per share. PROCEPT BioRobotics's revenue was up 48.3% compared to the same quarter last year. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the business'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 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 100,000 shares of company stock worth $6,271,250. Insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors have recently modified their holdings of the business. ANTIPODES PARTNERS Ltd acquired a new position in shares of PROCEPT BioRobotics in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of PROCEPT BioRobotics during the first quarter worth $40,000. Thematics Asset Management acquired a new position in shares of PROCEPT BioRobotics during the fourth quarter worth $46,000. CWM LLC grew its stake in shares of PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after purchasing an additional 358 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of PROCEPT BioRobotics by 1,262.5% during the second quarter. AlphaQuest LLC now owns 1,090 shares of the company's stock worth $63,000 after purchasing an additional 1,010 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Company Profile

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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