PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up on Analyst Upgrade

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price gapped up prior to trading on Wednesday after Evercore upgraded the stock to a strong-buy rating. The stock had previously closed at $20.60, but opened at $21.52. Evercore now has a $30.00 price target on the stock. PROCEPT BioRobotics shares last traded at $21.3350, with a volume of 217,032 shares.

Several other equities analysts have also commented on PRCT. Piper Sandler restated an “overweight” rating and set a $35.00 price target (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. Jefferies Financial Group lowered shares of PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Robert W. Baird started coverage on shares of PROCEPT BioRobotics in a research report on Friday, March 6th. They set a “neutral” rating and a $30.00 target price on the stock. Finally, Oppenheimer restated a “market perform” rating on shares of PROCEPT BioRobotics in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, PROCEPT BioRobotics currently has an average rating of “Hold” and a consensus price target of $40.42.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of large investors have recently added to or reduced their stakes in the company. Prosight Management LP boosted its holdings in shares of PROCEPT BioRobotics by 1,692.4% in the 4th quarter. Prosight Management LP now owns 1,380,000 shares of the company’s stock valued at $43,415,000 after buying an additional 1,303,009 shares in the last quarter. Alliancebernstein L.P. lifted its position in PROCEPT BioRobotics by 58.6% during the third 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 last quarter. T. Rowe Price Investment Management Inc. boosted its stake in PROCEPT BioRobotics by 59.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock valued at $102,919,000 after acquiring an additional 1,218,815 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its stake in PROCEPT BioRobotics by 229.7% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,128,288 shares of the company’s stock valued at $40,269,000 after acquiring an additional 786,094 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in PROCEPT BioRobotics by 105.2% in the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock worth $51,909,000 after purchasing an additional 745,778 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Stock Up 3.1%

The company’s fifty day simple moving average is $25.40 and its 200-day simple moving average is $27.66. The firm has a market capitalization of $1.22 billion, a PE ratio of -11.81 and a beta of 0.85. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51.

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

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.