PROCEPT BioRobotics (NASDAQ:PRCT) Upgraded at Oppenheimer

PROCEPT BioRobotics (NASDAQ:PRCT) was upgraded by equities researchers at Oppenheimer from a “market perform” rating to an “outperform” rating in a report released on Tuesday,Benzinga reports. The brokerage currently has a $60.00 target price on the stock. Oppenheimer’s price objective would indicate a potential upside of 49.37% from the company’s current price.

Several other analysts have also recently commented on the stock. Piper Sandler decreased their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Morgan Stanley decreased their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company cut their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Wall Street Zen raised PROCEPT BioRobotics from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Stephens initiated coverage on PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an “overweight” rating and a $70.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, PROCEPT BioRobotics presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.22.

PROCEPT BioRobotics Stock Down 0.4%

NASDAQ PRCT opened at $40.17 on Tuesday. PROCEPT BioRobotics has a 12 month low of $37.12 and a 12 month high of $103.81. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.24 billion, a PE ratio of -25.92 and a beta of 1.03. The stock’s 50 day moving average is $50.27 and its 200 day moving average is $55.32.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm had revenue of $79.18 million for the quarter, compared to analysts’ expectations of $75.67 million. During the same quarter last year, the business posted ($0.50) earnings per share. The company’s revenue for the quarter was up 48.3% compared to the same quarter last year. Research analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the sale, the director directly owned 14,363 shares in the company, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 75,000 shares of company stock worth $4,754,750 over the last quarter. Insiders own 17.40% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Institutional investors have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd bought a new position in shares of PROCEPT BioRobotics during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of PROCEPT BioRobotics during the 1st quarter worth approximately $40,000. Vega Investment Solutions boosted its holdings in PROCEPT BioRobotics by 52.0% during the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company’s stock valued at $45,000 after acquiring an additional 265 shares during the period. CWM LLC grew its position in PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company’s stock valued at $51,000 after acquiring an additional 358 shares during the last quarter. Finally, AlphaQuest LLC increased its stake in PROCEPT BioRobotics by 1,262.5% in the second quarter. AlphaQuest LLC now owns 1,090 shares of the company’s stock worth $63,000 after purchasing an additional 1,010 shares during the period. Institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).