PROCEPT BioRobotics Corporation (NASDAQ:PRCT) Stock Now Rated “Hold” by Wall Street Brokerages

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) have been assigned a consensus recommendation of “Hold” from the sixteen brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation, three have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $25.50.

Several research firms have recently commented on PRCT. Truist Financial set a $21.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Barclays assumed coverage on PROCEPT BioRobotics in a report on Tuesday, October 6th. They set an “overweight” rating and a $30.00 price objective for the company. Oppenheimer reiterated a “market perform” rating on shares of PROCEPT BioRobotics in a report on Wednesday, September 9th. Evercore set a $23.00 price objective on PROCEPT BioRobotics in a research report on Wednesday, August 5th. Finally, Citigroup cut PROCEPT BioRobotics to a “hold” rating in a research report on Thursday, July 2nd.

PROCEPT BioRobotics Stock Down 8.3%

PROCEPT BioRobotics stock opened at $17.51 on Thursday. The firm has a market cap of $1.00 billion, a PE ratio of -9.03 and a beta of 0.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55. The firm’s 50 day moving average price is $19.95 and its two-hundred day moving average price is $22.22. PROCEPT BioRobotics has a twelve month low of $16.67 and a twelve month high of $38.11.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). The company had revenue of $94.50 million during the quarter, compared to analysts’ expectations of $92.77 million. PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.35) EPS. On average, research analysts predict that PROCEPT BioRobotics will post -1.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Larry Wood bought 23,900 shares of the company’s stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $20.85 per share, with a total value of $498,315.00. Following the transaction, the chief executive officer directly owned 23,900 shares in the company, valued at approximately $498,315. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 1,043 shares of company stock valued at $21,851. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Large investors have recently made changes to their positions in the company. Center for Financial Planning Inc. increased its holdings in PROCEPT BioRobotics by 59.6% in the first quarter. Center for Financial Planning Inc. now owns 2,040 shares of the company’s stock worth $51,000 after buying an additional 762 shares during the last quarter. Versant Capital Management Inc raised its position in PROCEPT BioRobotics by 70.3% during the third quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock valued at $37,000 after acquiring an additional 839 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in PROCEPT BioRobotics by 570.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company’s stock valued at $36,000 after acquiring an additional 975 shares in the last quarter. Nykredit A S acquired a new stake in PROCEPT BioRobotics in the second quarter valued at approximately $27,000. Finally, IFP Advisors Inc lifted its stake in PROCEPT BioRobotics by 11.9% in the second quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock valued at $272,000 after acquiring an additional 1,287 shares during the last quarter. Institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company’s primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT’s flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company’s AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.