PROCEPT BioRobotics (NASDAQ:PRCT) Stock Rating Raised to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of PROCEPT BioRobotics (NASDAQ:PRCT) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

PRCT has been the subject of a number of other reports. Weiss Ratings reissued a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Thursday, October 15th. Leerink Partners raised their target price on shares of PROCEPT BioRobotics from $20.00 to $22.00 and gave the company a “market perform” rating in a report on Thursday. Evercore set a $23.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Barclays began coverage on shares of PROCEPT BioRobotics in a report on Tuesday, October 6th. They set an “overweight” rating and a $30.00 price target for the company. Finally, Oppenheimer reissued a “market perform” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. Three analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $25.25.

PROCEPT BioRobotics Trading Up 1.7%

NASDAQ:PRCT opened at $20.62 on Friday. The firm has a market cap of $1.19 billion, a PE ratio of -10.21 and a beta of 0.88. The stock has a fifty day moving average price of $19.32 and a 200 day moving average price of $23.13. PROCEPT BioRobotics has a 12-month low of $16.67 and a 12-month high of $38.11. The company has a current ratio of 5.89, a quick ratio of 5.35 and a debt-to-equity ratio of 0.16.

PROCEPT BioRobotics (NASDAQ:PRCT) last released 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 return on equity of 33.23% and a negative net margin of 32.60%. The company had revenue of $98.29 million for the quarter, compared to analyst estimates of $100.52 million. During the same period in the previous year, the firm earned ($0.38) earnings per share. The company’s revenue for the quarter was up 18.0% compared to the same quarter last year. Sell-side analysts anticipate that PROCEPT BioRobotics will post -1.72 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other news, insider Pooja Sharma sold 4,710 shares of the firm’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $19.71, for a total transaction of $92,834.10. Following the sale, the insider owned 106,471 shares of the company’s stock, valued at approximately $2,098,543.41. This trade represents a 4.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 5,753 shares of company stock valued at $114,685. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in PROCEPT BioRobotics during the second quarter worth approximately $109,961,000. Wellington Management Group LLP boosted its holdings in shares of PROCEPT BioRobotics by 47.9% in the 2nd quarter. Wellington Management Group LLP now owns 1,274,004 shares of the company’s stock valued at $28,767,000 after buying an additional 412,399 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at $24,914,000. William Blair Investment Management LLC purchased a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at $16,020,000. Finally, Bank of America Corp DE grew its position in shares of PROCEPT BioRobotics by 46.3% in the 1st quarter. Bank of America Corp DE now owns 630,689 shares of the company’s stock valued at $15,774,000 after buying an additional 199,484 shares during the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

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.