PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Expected to Rise, UBS Group Analyst Says

PROCEPT BioRobotics (NASDAQ:PRCT) had its target price upped by equities researchers at UBS Group from $20.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group‘s price target would indicate a potential upside of 1.84% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a research note on Wednesday, September 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Thursday, October 15th. Robert W. Baird set a $20.00 price target on PROCEPT BioRobotics in a research note on Wednesday, August 5th. TD Cowen reduced their price target on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Piper Sandler raised PROCEPT BioRobotics to a “strong-buy” rating in a research note on Friday, October 16th. Three research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.25.

PROCEPT BioRobotics Trading Up 1.7%

Shares of PRCT traded up $0.35 during trading hours on Thursday, hitting $20.62. 1,850,317 shares of the stock traded hands, compared to its average volume of 1,113,616. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. PROCEPT BioRobotics has a 1-year low of $16.67 and a 1-year high of $38.11. The firm has a market capitalization of $1.18 billion, a PE ratio of -10.21 and a beta of 0.88. The business has a fifty day moving average of $19.32 and a 200-day moving average of $23.13.

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

Insiders Place Their Bets

In other news, insider Pooja Sharma sold 4,710 shares of PROCEPT BioRobotics stock in a transaction 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 transaction, the insider directly owned 106,471 shares of the company’s stock, valued at $2,098,543.41. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,753 shares of company stock valued at $114,685 in the last quarter. Company insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRCT. BlackRock Inc. acquired a new stake in shares of PROCEPT BioRobotics during the second quarter worth about $109,961,000. Wellington Management Group LLP grew its position in shares of PROCEPT BioRobotics by 47.9% in the 2nd quarter. Wellington Management Group LLP now owns 1,274,004 shares of the company’s stock valued at $28,767,000 after purchasing an additional 412,399 shares during the period. Jupiter Topco LLC bought a new stake in PROCEPT BioRobotics during the 2nd quarter worth approximately $24,914,000. William Blair Investment Management LLC bought a new stake in PROCEPT BioRobotics during the 2nd quarter worth approximately $16,020,000. Finally, Bank of America Corp DE raised its holdings in PROCEPT BioRobotics by 46.3% during the 1st quarter. Bank of America Corp DE now owns 630,689 shares of the company’s stock worth $15,774,000 after buying an additional 199,484 shares during the period. 89.46% of the stock is currently owned by institutional investors.

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.