PROCEPT BioRobotics (NASDAQ:PRCT) Receives Neutral Rating from BTIG Research

BTIG Research reaffirmed their neutral rating on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research note published on Tuesday morning,Benzinga reports.

Other analysts also recently issued research reports about the stock. Morgan Stanley reduced their price objective on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, July 15th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They issued an “overweight” rating and a $70.00 price target for the company. Piper Sandler reduced their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Oppenheimer raised PROCEPT BioRobotics from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Tuesday, September 2nd. Finally, Wall Street Zen raised PROCEPT BioRobotics from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

PROCEPT BioRobotics Stock Up 4.1%

Shares of NASDAQ PRCT opened at $39.57 on Tuesday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -25.53 and a beta of 1.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The business has a 50-day moving average of $46.02 and a two-hundred day moving average of $53.34. PROCEPT BioRobotics has a 1 year low of $36.90 and a 1 year high of $103.81.

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

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCT. Westfield Capital Management Co. LP lifted its holdings in PROCEPT BioRobotics by 113.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company’s stock valued at $92,065,000 after acquiring an additional 849,792 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of PROCEPT BioRobotics in the second quarter valued at about $40,819,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of PROCEPT BioRobotics by 43.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company’s stock valued at $82,462,000 after purchasing an additional 429,461 shares during the period. Champlain Investment Partners LLC lifted its position in shares of PROCEPT BioRobotics by 58.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 1,070,646 shares of the company’s stock valued at $61,669,000 after acquiring an additional 394,450 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of PROCEPT BioRobotics by 22.3% during the 1st quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company’s stock valued at $124,892,000 after acquiring an additional 391,215 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

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).