PROCEPT BioRobotics (NASDAQ:PRCT) Upgraded to Strong-Buy at Evercore

PROCEPT BioRobotics (NASDAQ:PRCT) was upgraded by equities research analysts at Evercore to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on PRCT. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Tuesday, April 21st. Wall Street Zen raised shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Bank of America cut shares of PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $38.00 to $20.00 in a report on Thursday, February 26th. Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a research note on Thursday, February 26th. Finally, Truist Financial decreased their price objective on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating for the company in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $40.42.

PROCEPT BioRobotics Trading Up 1.2%

PRCT stock opened at $20.85 on Wednesday. The company has a quick ratio of 5.51, a current ratio of 6.73 and a debt-to-equity ratio of 0.15. PROCEPT BioRobotics has a twelve month low of $19.35 and a twelve month high of $62.17. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -11.46 and a beta of 0.85. The firm’s fifty day simple moving average is $25.46 and its two-hundred day simple moving average is $27.76.

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

Institutional Trading of PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently bought and sold shares of PRCT. Alliancebernstein L.P. increased its holdings in shares of PROCEPT BioRobotics by 58.6% in the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock valued at $122,052,000 after acquiring an additional 1,262,928 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake 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 during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of PROCEPT BioRobotics by 23.3% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,970,147 shares of the company’s stock worth $70,315,000 after purchasing an additional 371,798 shares during the last quarter. Mackenzie Financial Corp boosted its position in PROCEPT BioRobotics by 8.2% during the fourth quarter. Mackenzie Financial Corp now owns 1,573,405 shares of the company’s stock valued at $49,512,000 after purchasing an additional 118,971 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in PROCEPT BioRobotics by 11.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,520,700 shares of the company’s stock valued at $47,841,000 after purchasing an additional 155,601 shares in the last quarter. Institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

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.