PROCEPT BioRobotics (NASDAQ:PRCT) Price Target Raised to $22.00

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective upped by research analysts at Leerink Partners from $20.00 to $22.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Leerink Partners‘s price target would suggest a potential upside of 9.18% from the stock’s previous close.

PRCT has been the subject of several other reports. TD Cowen decreased their target price on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Truist Financial set a $21.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. William Blair lowered shares of PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 5th. Robert W. Baird set a $20.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Finally, UBS Group downgraded shares of PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 price objective for the company. in a report on Tuesday, July 28th. Three equities research 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $24.92.

PROCEPT BioRobotics Stock Performance

Shares of PRCT stock traded down $1.51 during trading on Thursday, hitting $20.15. The company’s stock had a trading volume of 1,981,567 shares, compared to its average volume of 1,504,255. The company has a market cap of $1.15 billion, a PE ratio of -10.45 and a beta of 0.88. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $19.34 and a 200-day moving average of $23.23. PROCEPT BioRobotics has a 52 week low of $16.67 and a 52 week high of $38.11.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.07). PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%. The business had revenue of $98.29 million for the quarter, compared to the consensus estimate of $100.52 million. During the same quarter last year, the business posted ($0.38) earnings per share. The business’s revenue was up 18.0% compared to the same quarter last year. As a group, research analysts anticipate that PROCEPT BioRobotics will post -1.67 earnings per share for the current year.

Insider Activity

In other news, CEO Larry Wood bought 23,900 shares of the stock in a transaction on Friday, August 7th. The shares were purchased at an average cost of $20.85 per share, for a total transaction of $498,315.00. Following the completion of the purchase, the chief executive officer directly owned 23,900 shares in the company, valued at $498,315. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 1,043 shares of company stock valued at $21,851 in the last 90 days. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRCT. Center for Financial Planning Inc. increased its holdings in PROCEPT BioRobotics by 59.6% in the 1st quarter. Center for Financial Planning Inc. now owns 2,040 shares of the company’s stock worth $51,000 after acquiring an additional 762 shares during the last quarter. Versant Capital Management Inc raised its stake in PROCEPT BioRobotics by 70.3% in the 3rd quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock valued at $37,000 after acquiring an additional 839 shares during the period. Signaturefd LLC lifted its holdings in PROCEPT BioRobotics by 162.7% during the third quarter. Signaturefd LLC now owns 1,899 shares of the company’s stock valued at $35,000 after purchasing an additional 1,176 shares during the last quarter. Nykredit A S purchased a new stake in PROCEPT BioRobotics during the second quarter valued at about $27,000. Finally, Parallel Advisors LLC lifted its holdings in PROCEPT BioRobotics by 51.8% during the third quarter. Parallel Advisors LLC now owns 3,656 shares of the company’s stock valued at $67,000 after purchasing an additional 1,247 shares during the last quarter. Institutional investors own 89.46% of the company’s stock.

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.