Truist Financial Issues Positive Forecast for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

PROCEPT BioRobotics (NASDAQ:PRCT) had its price target lifted by Truist Financial from $21.00 to $24.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a hold rating on the stock.

Several other equities analysts also recently commented on PRCT. Jefferies Financial Group reissued a “hold” rating and issued a $20.00 price objective on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. UBS Group boosted their price target on shares of PROCEPT BioRobotics from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday. Evercore set a $23.00 price objective on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Wells Fargo & Company lowered PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective for the company. in a research report on Wednesday, August 5th. Finally, Leerink Partners boosted their target price on shares of PROCEPT BioRobotics from $20.00 to $22.00 and gave the company a “market perform” rating in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $25.25.

PROCEPT BioRobotics Stock Performance

Shares of NASDAQ PRCT traded up $0.35 during trading hours on Friday, hitting $20.62. 1,850,317 shares of the stock were exchanged, compared to its average volume of 1,113,616. PROCEPT BioRobotics has a one year low of $16.67 and a one year high of $38.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.55 and a quick ratio of 5.35. The firm has a market capitalization of $1.18 billion, a P/E ratio of -10.21 and a beta of 0.88. The company’s 50 day moving average is $19.32 and its 200 day moving average is $23.13.

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

Insider Transactions at PROCEPT BioRobotics

In other news, insider Pooja Sharma sold 4,710 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $19.71, for a total transaction of $92,834.10. Following the completion of the sale, the insider owned 106,471 shares in the company, valued at $2,098,543.41. This trade represents a 4.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 5,753 shares of company stock valued at $114,685. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of PROCEPT BioRobotics by 994.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,193 shares of the company’s stock valued at $27,000 after acquiring an additional 1,084 shares during the period. Nykredit A S acquired a new position in PROCEPT BioRobotics during the 2nd quarter valued at about $27,000. Sterling Capital Management LLC lifted its holdings in shares of PROCEPT BioRobotics by 849.2% in the third quarter. Sterling Capital Management LLC now owns 1,870 shares of the company’s stock valued at $34,000 after buying an additional 1,673 shares during the period. Signaturefd LLC raised its holdings in PROCEPT BioRobotics by 162.7% during the 3rd quarter. Signaturefd LLC now owns 1,899 shares of the company’s stock worth $35,000 after buying an additional 1,176 shares during the period. Finally, Essential Partners LLC increased its stake in PROCEPT BioRobotics by 7,071.4% in the 1st quarter. Essential Partners LLC now owns 2,008 shares of the company’s stock valued at $50,000 after buying an additional 1,980 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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.