PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Up on Analyst Upgrade

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shares gapped up prior to trading on Wednesday after Evercore upgraded the stock to a strong-buy rating. The stock had previously closed at $20.60, but opened at $21.52. Evercore now has a $30.00 price target on the stock. PROCEPT BioRobotics shares last traded at $21.3350, with a volume of 217,032 shares.

Several other research analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Truist Financial cut their price objective on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Leerink Partners lowered PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research note on Thursday, June 11th. Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a report on Thursday, February 26th. Finally, Bank of America downgraded PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $38.00 to $20.00 in a research report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $40.42.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd increased its stake in shares of PROCEPT BioRobotics by 436.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock worth $29,000 after purchasing an additional 746 shares in the last quarter. Center for Financial Planning Inc. bought a new position in PROCEPT BioRobotics in the 4th quarter worth $40,000. US Bancorp DE boosted its holdings in PROCEPT BioRobotics by 175.7% in the 3rd quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $60,000 after buying an additional 1,079 shares during the period. Cache Advisors LLC purchased a new stake in PROCEPT BioRobotics in the 1st quarter worth $42,000. Finally, Lazard Asset Management LLC increased its stake in PROCEPT BioRobotics by 90.7% in the 2nd quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after buying an additional 810 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Trading Up 3.1%

The stock has a fifty day simple moving average of $25.40 and a 200 day simple moving average of $27.66. The firm has a market capitalization of $1.22 billion, a P/E ratio of -11.81 and a beta of 0.85. The company has a quick ratio of 5.51, a current ratio of 6.73 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The business had revenue of $83.13 million during the quarter, compared to the consensus estimate of $80.52 million. During the same period last year, the company earned ($0.45) EPS. The business’s revenue was up 20.1% on a year-over-year basis. As a group, research analysts forecast that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current year.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.