Wall Street Zen Upgrades PROCEPT BioRobotics (NASDAQ:PRCT) to Hold

PROCEPT BioRobotics (NASDAQ:PRCT) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued reports about the stock. Evercore set a $23.00 target price on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Piper Sandler upgraded shares of PROCEPT BioRobotics to a “strong-buy” rating in a report on Friday, October 16th. Oppenheimer restated a “market perform” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. William Blair cut PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 5th. Finally, Barclays initiated coverage on shares of PROCEPT BioRobotics in a research report on Tuesday, October 6th. They set an “overweight” rating and a $30.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $25.25.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $20.62 on Friday. PROCEPT BioRobotics has a 52 week low of $16.67 and a 52 week high of $38.11. 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 has a 50 day simple moving average of $19.32 and a 200 day simple moving average of $23.13.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its earnings results on Wednesday, November 4th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.07). PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The firm had revenue of $98.29 million during the quarter, compared to analyst estimates of $100.52 million. During the same period in the previous year, the company posted ($0.38) EPS. PROCEPT BioRobotics’s revenue for the quarter was up 18.0% compared to the same quarter last year. On average, equities analysts forecast that PROCEPT BioRobotics will post -1.67 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other news, insider Pooja Sharma sold 4,710 shares of the stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $19.71, for a total value of $92,834.10. Following the transaction, the insider owned 106,471 shares in the company, valued at $2,098,543.41. This represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 5,753 shares of company stock worth $114,685. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc boosted its holdings in shares of PROCEPT BioRobotics by 994.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,193 shares of the company’s stock worth $27,000 after purchasing an additional 1,084 shares during the last quarter. Nykredit A S acquired a new stake in PROCEPT BioRobotics during the second quarter worth about $27,000. Sterling Capital Management LLC increased its position in PROCEPT BioRobotics by 849.2% in the third quarter. Sterling Capital Management LLC now owns 1,870 shares of the company’s stock worth $34,000 after buying an additional 1,673 shares during the period. Signaturefd LLC lifted its holdings in shares of PROCEPT BioRobotics by 162.7% during the third quarter. Signaturefd LLC now owns 1,899 shares of the company’s stock valued at $35,000 after purchasing an additional 1,176 shares during the last quarter. Finally, Essential Partners LLC raised its holdings in PROCEPT BioRobotics by 7,071.4% in the 1st quarter. Essential Partners LLC now owns 2,008 shares of the company’s stock worth $50,000 after acquiring an additional 1,980 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms. The company’s technology is designed to provide a minimally invasive alternative to conventional surgical procedures.

Its primary product is the AquaBeam Robotic System, which uses image guidance, robotic assistance and a high-velocity waterjet to remove targeted prostate tissue.