PROCEPT BioRobotics (NASDAQ:PRCT) Rating Lowered to Market Perform at Leerink Partners

PROCEPT BioRobotics (NASDAQ:PRCT) was downgraded by Leerink Partners from an “outperform” rating to a “market perform” rating in a report issued on Thursday, MarketBeat reports. They currently have a $29.00 price objective on the stock. Leerink Partners’ target price suggests a potential downside of 0.31% from the company’s current price.

PRCT has been the subject of a number of other reports. Truist Financial decreased their target price on PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Jefferies Financial Group cut PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Bank of America lowered PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $38.00 to $20.00 in a research report on Thursday, February 26th. Robert W. Baird assumed coverage on PROCEPT BioRobotics in a research note on Friday, March 6th. They set a “neutral” rating and a $30.00 target price for the company. Finally, Wall Street Zen upgraded shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.36.

PROCEPT BioRobotics Stock Up 1.1%

Shares of NASDAQ:PRCT opened at $29.09 on Thursday. The company has a 50 day moving average price of $25.78 and a two-hundred day moving average price of $28.39. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.51 and a current ratio of 6.73. The company has a market capitalization of $1.66 billion, a PE ratio of -15.98 and a beta of 0.85. PROCEPT BioRobotics has a 52 week low of $19.35 and a 52 week high of $64.71.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The firm had revenue of $83.13 million for the quarter, compared to the consensus estimate of $80.52 million. During the same period in the prior year, the business earned ($0.45) earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. Analysts forecast that PROCEPT BioRobotics will post -1.53 earnings per share for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, EVP Alaleh Nouri sold 5,363 shares of PROCEPT BioRobotics stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $25.96, for a total value of $139,223.48. Following the sale, the executive vice president directly owned 105,354 shares in the company, valued at $2,734,989.84. This trade represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 7,373 shares of company stock worth $196,135. 6.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC lifted its position in PROCEPT BioRobotics by 1.3% during the 2nd quarter. Advisory Services Network LLC now owns 20,109 shares of the company’s stock worth $1,158,000 after buying an additional 250 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of PROCEPT BioRobotics by 20.3% in the second quarter. Osaic Holdings Inc. now owns 2,001 shares of the company’s stock valued at $115,000 after acquiring an additional 337 shares during the last quarter. ProShare Advisors LLC raised its holdings in PROCEPT BioRobotics by 4.7% during the fourth quarter. ProShare Advisors LLC now owns 9,726 shares of the company’s stock worth $306,000 after acquiring an additional 438 shares in the last quarter. California State Teachers Retirement System raised its holdings in PROCEPT BioRobotics by 1.4% during the second quarter. California State Teachers Retirement System now owns 49,446 shares of the company’s stock worth $2,848,000 after acquiring an additional 693 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in PROCEPT BioRobotics by 436.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock valued at $29,000 after purchasing an additional 746 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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.