PROCEPT BioRobotics (NASDAQ:PRCT) Stock Rating Raised to Strong-Buy at Barclays

Barclays upgraded shares of PROCEPT BioRobotics (NASDAQ:PRCT) to a strong-buy rating in a research note published on Tuesday,Zacks reports.

Several other brokerages also recently issued reports on PRCT. William Blair downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Friday, July 17th. Oppenheimer reissued a “market perform” rating on shares of PROCEPT BioRobotics in a report on Wednesday, September 9th. TD Cowen dropped their price objective on shares of PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Citigroup lowered shares of PROCEPT BioRobotics to a “hold” rating in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $25.50.

PROCEPT BioRobotics Stock Performance

Shares of PRCT opened at $17.90 on Tuesday. PROCEPT BioRobotics has a 52-week low of $16.67 and a 52-week high of $38.11. The company has a quick ratio of 5.35, a current ratio of 6.55 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -9.23 and a beta of 0.92. The business’s 50 day moving average is $19.95 and its two-hundred day moving average is $22.41.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). The company had revenue of $94.50 million during the quarter, compared to analyst estimates of $92.77 million. PROCEPT BioRobotics had a negative net margin of 32.53% and a negative return on equity of 30.62%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.35) EPS. Analysts forecast that PROCEPT BioRobotics will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, CEO Larry Wood purchased 23,900 shares of PROCEPT BioRobotics stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $20.85 per share, with a total value of $498,315.00. Following the purchase, the chief executive officer owned 23,900 shares in the company, valued at approximately $498,315. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 1,043 shares of company stock valued at $21,851. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRCT. Center for Financial Planning Inc. boosted its position in shares of PROCEPT BioRobotics by 59.6% in the 1st quarter. Center for Financial Planning Inc. now owns 2,040 shares of the company’s stock valued at $51,000 after purchasing an additional 762 shares during the period. Versant Capital Management Inc lifted its stake in PROCEPT BioRobotics by 70.3% during the third quarter. Versant Capital Management Inc now owns 2,032 shares of the company’s stock valued at $37,000 after buying an additional 839 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of PROCEPT BioRobotics by 570.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company’s stock worth $36,000 after buying an additional 975 shares during the period. Nykredit A S acquired a new position in shares of PROCEPT BioRobotics in the second quarter worth about $27,000. Finally, IFP Advisors Inc increased its position in shares of PROCEPT BioRobotics by 11.9% in the second quarter. IFP Advisors Inc now owns 12,062 shares of the company’s stock worth $272,000 after acquiring an additional 1,287 shares in the last quarter. Institutional investors own 89.46% of the company’s stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company’s primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT’s flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company’s AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.