PROCEPT BioRobotics (NASDAQ:PRCT) Upgraded at Wall Street Zen

Key Points

• PROCEPT BioRobotics has been upgraded from a "sell" rating to a "hold" rating by analysts at Wall Street Zen, indicating a shift in market sentiment towards the stock.
• Bank of America and Truist Financial have recently cut their target prices for PROCEPT BioRobotics, with new targets set at $84.00 and $70.00 respectively, while Piper Sandler decreased theirs to $55.00.
• The company's earnings report indicated a quarterly revenue increase of approximately 48.3% year-over-year, despite reporting negative earnings per share of ($0.35) which was better than analysts' expectations.

Wall Street Zen upgraded shares of PROCEPT BioRobotics (NASDAQ:PRCT - Free Report) from a sell rating to a hold rating in a report issued on Saturday.

Other analysts also recently issued research reports about the stock. Bank of America cut their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 25th. Morgan Stanley cut 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. Oppenheimer started coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating for the company. Stephens started coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target for the company. Finally, Wells Fargo & Company cut their price target on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.88.

PROCEPT BioRobotics Price Performance

PRCT traded down $1.18 on Friday, reaching $38.41. The company had a trading volume of 2,345,360 shares, compared to its average volume of 1,563,910. PROCEPT BioRobotics has a fifty-two week low of $37.12 and a fifty-two week high of $103.81. The company's fifty day moving average is $56.97 and its 200 day moving average is $58.76. The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.41) by $0.06. The firm 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 business's revenue for the quarter was up 48.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.50) EPS. On average, analysts forecast that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Insider Transactions at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai sold 25,000 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the sale, the director owned 14,363 shares in the company, valued at approximately $883,180.87. This trade represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 100,000 shares of company stock worth $6,271,250 in the last three months. Company insiders own 17.40% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several large investors have recently modified their holdings of PRCT. T. Rowe Price Investment Management Inc. increased its stake in shares of PROCEPT BioRobotics by 43.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after purchasing an additional 429,461 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of PROCEPT BioRobotics by 22.3% in the first quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after purchasing an additional 391,215 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of PROCEPT BioRobotics by 47.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,055,762 shares of the company's stock worth $61,510,000 after purchasing an additional 341,906 shares in the last quarter. Baillie Gifford & Co. purchased a new position in shares of PROCEPT BioRobotics in the first quarter worth about $18,287,000. Finally, Renaissance Technologies LLC purchased a new position in shares of PROCEPT BioRobotics in the fourth quarter worth about $22,422,000. Hedge funds and other institutional investors 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).