PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Lowered to $58.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for PROCEPT BioRobotics from $75.00 to $58.00, while maintaining an "overweight" rating, indicating a potential upside of 43.20% from the current price.
• Several other analysts have also decreased their price targets, with Truist reducing their target from $90.00 to $70.00 and Bank of America from $104.00 to $84.00, both maintaining a "buy" rating.
• PROCEPT BioRobotics' stock has experienced an 11.4% decline in trading, with the company reporting significant revenue growth of 48.3% year-over-year, although it had a negative net margin of 36.20%.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) had its price objective reduced by equities researchers at Wells Fargo & Company from $75.00 to $58.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 43.20% from the stock's current price.

A number of other equities analysts also recently commented on PRCT. Truist Financial decreased 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. Bank of America decreased 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. Stephens started 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. Oppenheimer started coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating for the company. Finally, Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Stock Down 11.4%

NASDAQ:PRCT traded down $5.19 during mid-day trading on Thursday, reaching $40.50. The stock had a trading volume of 2,301,653 shares, compared to its average volume of 989,244. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -23.68 and a beta of 1.05. PROCEPT BioRobotics has a 1-year low of $37.12 and a 1-year high of $103.81. The stock's 50 day simple moving average is $57.69 and its two-hundred day simple moving average is $59.37. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.95 and a quick ratio of 7.75.

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

Insider Activity

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total value of $1,537,250.00. Following the transaction, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $6,271,250 over the last quarter. 6.60% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

Several large investors have recently added to or reduced their stakes in the company. Pier 88 Investment Partners LLC raised its stake in PROCEPT BioRobotics by 10.1% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 8,180 shares of the company's stock valued at $471,000 after purchasing an additional 750 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in PROCEPT BioRobotics by 109.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,874 shares of the company's stock valued at $9,209,000 after purchasing an additional 83,498 shares during the period. Bank of New York Mellon Corp raised its stake in PROCEPT BioRobotics by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 182,178 shares of the company's stock valued at $10,493,000 after purchasing an additional 5,500 shares during the period. Corton Capital Inc. acquired a new stake in PROCEPT BioRobotics during the 2nd quarter valued at $220,000. Finally, Assetmark Inc. increased its stake in shares of PROCEPT BioRobotics by 5.1% in the second quarter. Assetmark Inc. now owns 8,333 shares of the company's stock worth $480,000 after acquiring an additional 407 shares during the last quarter. 89.46% of the stock is 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).

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