PROCEPT BioRobotics (NASDAQ:PRCT) Announces Quarterly Earnings Results

PROCEPT BioRobotics (NASDAQ:PRCT) announced its quarterly earnings results on Wednesday. The company reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.21), FiscalAI reports. PROCEPT BioRobotics had a negative net margin of 28.20% and a negative return on equity of 21.72%. The firm had revenue of $76.38 million for the quarter, compared to analyst estimates of $93.70 million.

PROCEPT BioRobotics Trading Up 2.1%

NASDAQ PRCT traded up $0.58 during trading hours on Wednesday, hitting $27.84. 2,431,457 shares of the company’s stock were exchanged, compared to its average volume of 1,223,308. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -18.20 and a beta of 0.99. The stock has a 50-day simple moving average of $30.49 and a 200 day simple moving average of $33.75. The company has a current ratio of 8.44, a quick ratio of 7.20 and a debt-to-equity ratio of 0.14. PROCEPT BioRobotics has a 1-year low of $26.23 and a 1-year high of $70.80.

Institutional Trading of PROCEPT BioRobotics

Several large investors have recently modified their holdings of the stock. Alliancebernstein L.P. boosted its stake in PROCEPT BioRobotics by 58.6% during the third quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after acquiring an additional 1,262,928 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of PROCEPT BioRobotics by 59.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock worth $102,919,000 after purchasing an additional 1,218,815 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of PROCEPT BioRobotics by 8.2% in the 4th quarter. Mackenzie Financial Corp now owns 1,573,405 shares of the company’s stock valued at $49,512,000 after buying an additional 118,971 shares during the period. Artisan Partners Limited Partnership grew its stake in shares of PROCEPT BioRobotics by 11.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,520,700 shares of the company’s stock valued at $47,841,000 after buying an additional 155,601 shares during the period. Finally, State Street Corp increased its position in PROCEPT BioRobotics by 12.4% in the 4th quarter. State Street Corp now owns 1,489,029 shares of the company’s stock valued at $46,845,000 after buying an additional 164,358 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PRCT shares. Wells Fargo & Company cut their target price on shares of PROCEPT BioRobotics from $58.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. Leerink Partners reiterated an “outperform” rating and set a $55.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, November 5th. TD Cowen reduced their price objective on shares of PROCEPT BioRobotics from $85.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. UBS Group initiated coverage on PROCEPT BioRobotics in a research report on Friday, December 12th. They set a “buy” rating and a $62.00 target price for the company. Finally, Truist Financial reduced their price target on PROCEPT BioRobotics from $50.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.40.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.