Morgan Stanley Issues Pessimistic Forecast for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective cut by analysts at Morgan Stanley from $105.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 46.11% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Truist Financial restated a “buy” rating and set a $90.00 target price (down previously from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective for the company. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.29.

PROCEPT BioRobotics Price Performance

Shares of NASDAQ:PRCT opened at $65.02 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The firm has a fifty day moving average price of $75.25 and a 200 day moving average price of $79.94. PROCEPT BioRobotics has a fifty-two week low of $45.20 and a fifty-two week high of $103.81. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of -33.34 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company had revenue of $68.24 million for the quarter, compared to the consensus estimate of $66.79 million. As a group, sell-side analysts expect that PROCEPT BioRobotics will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 26,423 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total transaction of $2,568,844.06. Following the completion of the transaction, the chief executive officer now directly owns 152,762 shares of the company’s stock, valued at approximately $14,851,521.64. This trade represents a 14.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alaleh Nouri sold 28,092 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the transaction, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at $5,096,605.36. This represents a 34.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors have recently made changes to their positions in the company. Raleigh Capital Management Inc. purchased a new stake in PROCEPT BioRobotics in the 4th quarter worth $32,000. Thematics Asset Management acquired a new stake in PROCEPT BioRobotics during the 4th quarter worth $46,000. Signaturefd LLC boosted its stake in PROCEPT BioRobotics by 26.7% during the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock worth $55,000 after purchasing an additional 145 shares during the last quarter. IFP Advisors Inc acquired a new stake in PROCEPT BioRobotics during the 4th quarter worth $58,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $64,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).