Truist Financial Cuts PROCEPT BioRobotics (NASDAQ:PRCT) Price Target to $47.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target cut by Truist Financial from $50.00 to $47.00 in a research report released on Thursday morning, Marketbeat Ratings reports. They currently have a buy rating on the stock.

PRCT has been the topic of a number of other reports. Wall Street Zen lowered PROCEPT BioRobotics from a “hold” rating to a “sell” rating in a research report on Sunday, December 14th. Bank of America reaffirmed a “neutral” rating and issued a $38.00 price target (down from $55.00) on shares of PROCEPT BioRobotics in a report on Monday, December 8th. Jefferies Financial Group upgraded shares of PROCEPT BioRobotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 12th. Leerink Partners reissued an “outperform” rating and issued a $55.00 target price on shares of PROCEPT BioRobotics in a research report on Wednesday, November 5th. Finally, Morgan Stanley cut their target price on shares of PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.40.

PROCEPT BioRobotics Trading Down 2.0%

Shares of PRCT opened at $32.06 on Thursday. PROCEPT BioRobotics has a twelve month low of $27.80 and a twelve month high of $89.49. The firm has a market capitalization of $1.79 billion, a P/E ratio of -20.95 and a beta of 0.99. The company has a current ratio of 8.44, a quick ratio of 7.20 and a debt-to-equity ratio of 0.14. The stock’s fifty day simple moving average is $32.97 and its 200 day simple moving average is $42.64.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.03. PROCEPT BioRobotics had a negative return on equity of 21.72% and a negative net margin of 28.20%.The company had revenue of $83.33 million during the quarter, compared to analyst estimates of $80.78 million. During the same period in the prior year, the firm posted ($0.40) earnings per share. The firm’s revenue was up 42.6% on a year-over-year basis. On average, equities research analysts forecast that PROCEPT BioRobotics will post -1.75 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRCT. Mitsubishi UFJ Trust & Banking Corp acquired a new position in PROCEPT BioRobotics during the second quarter valued at $5,892,000. Lisanti Capital Growth LLC acquired a new stake in PROCEPT BioRobotics during the 2nd quarter worth about $2,532,000. Osterweis Capital Management Inc. grew its stake in PROCEPT BioRobotics by 98.0% during the 1st quarter. Osterweis Capital Management Inc. now owns 173,735 shares of the company’s stock valued at $10,122,000 after acquiring an additional 85,990 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of PROCEPT BioRobotics by 109.3% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,874 shares of the company’s stock valued at $9,209,000 after purchasing an additional 83,498 shares during the period. Finally, Candriam S.C.A. increased its holdings in shares of PROCEPT BioRobotics by 104.8% in the 2nd quarter. Candriam S.C.A. now owns 63,125 shares of the company’s stock valued at $3,636,000 after purchasing an additional 32,301 shares during the period. 89.46% of the stock is currently owned by institutional investors.

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.