PROCEPT BioRobotics’ (PRCT) “Buy” Rating Reaffirmed at Truist Financial

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “buy” rating reaffirmed by Truist Financial in a research report issued on Wednesday,Benzinga reports. They presently have a $90.00 price objective on the stock, down from their prior price objective of $105.00. Truist Financial’s price objective would indicate a potential upside of 38.42% from the stock’s current price.

PRCT has been the subject of a number of other research reports. Wells Fargo & Company reiterated an “overweight” rating and set a $112.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, December 3rd. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. Finally, Morgan Stanley initiated coverage on PROCEPT BioRobotics in a report on Monday, December 2nd. They set an “overweight” rating and a $105.00 target price for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, PROCEPT BioRobotics currently has an average rating of “Moderate Buy” and a consensus target price of $94.29.

PROCEPT BioRobotics Price Performance

PRCT opened at $65.02 on Wednesday. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. PROCEPT BioRobotics has a 12 month low of $45.20 and a 12 month high of $103.81. The company has a fifty day simple moving average of $75.25 and a 200 day simple moving average of $79.94. The stock has a market cap of $3.39 billion, a P/E ratio of -33.34 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm had revenue of $68.24 million during the quarter, compared to the consensus estimate of $66.79 million. On average, research analysts expect that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Insider Transactions at PROCEPT BioRobotics

In other news, CEO Reza Zadno sold 26,423 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total transaction of $2,568,844.06. Following the completion of the transaction, the chief executive officer now directly owns 152,762 shares in the company, valued at $14,851,521.64. This represents a 14.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at $5,096,605.36. This trade represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently bought and sold shares of the company. Raleigh Capital Management Inc. acquired a new stake in PROCEPT BioRobotics in the 4th quarter valued at about $32,000. Thematics Asset Management acquired a new stake in PROCEPT BioRobotics in the 4th quarter valued at about $46,000. Signaturefd LLC lifted its stake in PROCEPT BioRobotics by 26.7% in the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock valued at $55,000 after purchasing an additional 145 shares during the last quarter. IFP Advisors Inc acquired a new stake in PROCEPT BioRobotics in the 4th quarter valued at about $58,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in PROCEPT BioRobotics in the 3rd quarter valued at about $64,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).