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

Truist Financial restated their buy rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research note published on Friday, Benzinga reports. They currently have a $74.00 price target on the stock, down from their prior price target of $79.00.

PRCT has been the subject of several other research reports. Piper Sandler lifted their target price on PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an overweight rating in a research report on Monday, May 6th. TD Cowen lifted their target price on PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a buy rating in a research report on Monday, May 6th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of Buy and an average target price of $66.00.

PROCEPT BioRobotics Stock Down 7.5 %

PRCT stock traded down $4.62 during midday trading on Friday, hitting $57.38. 1,669,271 shares of the company’s stock were exchanged, compared to its average volume of 583,046. The company has a current ratio of 8.52, a quick ratio of 7.44 and a debt-to-equity ratio of 0.19. PROCEPT BioRobotics has a 12-month low of $24.83 and a 12-month high of $77.00. The firm has a 50 day moving average price of $64.51 and a 200-day moving average price of $56.35. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -27.07 and a beta of 1.00.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Thursday, August 1st. The company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.02. The company had revenue of $53.35 million during the quarter, compared to analyst estimates of $50.10 million. PROCEPT BioRobotics had a negative return on equity of 36.86% and a negative net margin of 58.73%. The business’s revenue was up 61.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.56) EPS. On average, analysts anticipate that PROCEPT BioRobotics will post -1.93 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, EVP Hisham Shiblaq sold 26,046 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $68.24, for a total transaction of $1,777,379.04. Following the completion of the transaction, the executive vice president now owns 55,860 shares in the company, valued at approximately $3,811,886.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Alaleh Nouri sold 10,000 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $62.18, for a total value of $621,800.00. Following the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at approximately $3,262,708.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Hisham Shiblaq sold 26,046 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $68.24, for a total value of $1,777,379.04. Following the sale, the executive vice president now directly owns 55,860 shares in the company, valued at $3,811,886.40. The disclosure for this sale can be found here. 17.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its holdings in shares of PROCEPT BioRobotics by 254.7% during the fourth quarter. SG Americas Securities LLC now owns 11,873 shares of the company’s stock valued at $498,000 after buying an additional 8,526 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of PROCEPT BioRobotics by 14.7% during the fourth quarter. Arizona State Retirement System now owns 12,504 shares of the company’s stock valued at $524,000 after buying an additional 1,602 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in PROCEPT BioRobotics by 0.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 502,603 shares of the company’s stock valued at $21,064,000 after purchasing an additional 4,154 shares in the last quarter. VELA Investment Management LLC grew its stake in PROCEPT BioRobotics by 15.5% in the fourth quarter. VELA Investment Management LLC now owns 20,487 shares of the company’s stock valued at $859,000 after purchasing an additional 2,757 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in PROCEPT BioRobotics by 7.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,397 shares of the company’s stock valued at $394,000 after purchasing an additional 676 shares in the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

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).