PROCEPT BioRobotics (NASDAQ:PRCT) Upgraded at Barclays

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

PRCT has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Friday, July 17th. TD Cowen reduced their price target on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Evercore set a $23.00 price objective on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, September 9th. Finally, Truist Financial set a $21.00 target price on PROCEPT BioRobotics in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $25.50.

PROCEPT BioRobotics Price Performance

Shares of PRCT opened at $17.90 on Tuesday. The company has a 50 day moving average price of $19.95 and a 200-day moving average price of $22.41. PROCEPT BioRobotics has a fifty-two week low of $16.67 and a fifty-two week high of $38.11. The stock has a market capitalization of $1.03 billion, a PE ratio of -9.23 and a beta of 0.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.01). The business had revenue of $94.50 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.35) earnings per share. Equities analysts predict that PROCEPT BioRobotics will post -1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Larry Wood purchased 23,900 shares of the business’s stock in a transaction on Friday, August 7th. The shares were acquired at an average cost of $20.85 per share, with a total value of $498,315.00. Following the completion of the acquisition, the chief executive officer owned 23,900 shares of the company’s stock, valued at $498,315. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 1,043 shares of company stock valued at $21,851 in the last three months. 4.00% of the stock is owned by company insiders.

Institutional Trading of PROCEPT BioRobotics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Johnson & Johnson purchased a new stake in PROCEPT BioRobotics in the 2nd quarter worth approximately $8,082,263. Bank of America Corp DE purchased a new position in PROCEPT BioRobotics during the second quarter worth approximately $11,656,000. Quantinno Capital Management LP purchased a new stake in shares of PROCEPT BioRobotics in the first quarter valued at approximately $1,693,000. Corient Private Wealth LP acquired a new position in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $2,448,000. Finally, Rhenman & Partners Asset Management AB lifted its position in shares of PROCEPT BioRobotics by 56.7% during the 4th quarter. Rhenman & Partners Asset Management AB now owns 611,000 shares of the company’s stock valued at $19,222,000 after buying an additional 221,000 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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.