PROCEPT BioRobotics (NASDAQ:PRCT) Stock Rating Lowered by Zacks Investment Research

PROCEPT BioRobotics (NASDAQ:PRCTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “PROCEPT BioRobotics Corporation is a commercial-stage surgical robotics company. It focused on advancing patient care by developing transformative solutions in urology. The company develops, manufactures and sells the AquaBeam Robotic System, an advanced, image-guided, surgical robotic system for use in minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics Corporation is based in REDWOOD CITY, Calif. “

Several other equities research analysts have also recently issued reports on PRCT. Guggenheim reduced their target price on PROCEPT BioRobotics from $55.00 to $40.00 in a report on Wednesday, March 9th. SVB Leerink upped their target price on PROCEPT BioRobotics from $25.00 to $30.00 and gave the company an “outperform” rating in a research note on Wednesday, March 9th. Finally, Bank of America cut their target price on PROCEPT BioRobotics from $48.00 to $42.00 and set a “buy” rating on the stock in a research note on Wednesday, March 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, PROCEPT BioRobotics presently has an average rating of “Buy” and an average target price of $36.83.

NASDAQ PRCT opened at $35.84 on Tuesday. The company has a current ratio of 20.08, a quick ratio of 19.27 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average is $28.92 and its 200 day moving average is $30.88. PROCEPT BioRobotics has a fifty-two week low of $15.38 and a fifty-two week high of $47.73.

PROCEPT BioRobotics (NASDAQ:PRCTGet Rating) last released its earnings results on Tuesday, March 8th. The company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.04). The company had revenue of $10.14 million during the quarter. As a group, equities research analysts predict that PROCEPT BioRobotics will post -1.82 earnings per share for the current fiscal year.

In other PROCEPT BioRobotics news, major shareholder Global Investors Lp Viking sold 1,249,000 shares of the company’s stock in a transaction on Friday, March 18th. The stock was sold at an average price of $29.90, for a total transaction of $37,345,100.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Institutional investors and hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at $39,000. Strs Ohio acquired a new position in shares of PROCEPT BioRobotics in the 4th quarter valued at $42,000. Citigroup Inc. acquired a new position in shares of PROCEPT BioRobotics in the 4th quarter valued at $48,000. Point72 Hong Kong Ltd acquired a new position in shares of PROCEPT BioRobotics in the 3rd quarter valued at $135,000. Finally, California State Teachers Retirement System acquired a new position in shares of PROCEPT BioRobotics in the 4th quarter valued at $99,000. Hedge funds and other institutional investors own 62.48% of the company’s stock.

About PROCEPT BioRobotics (Get Rating)

PROCEPT BioRobotics Corporation, a surgical robotics company, develops transformative solutions in urology. It 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).

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