PROCEPT BioRobotics’ (PRCT) Neutral Rating Reiterated at Bank of America

PROCEPT BioRobotics (NASDAQ:PRCT)‘s stock had its “neutral” rating reissued by equities researchers at Bank of America in a research note issued to investors on Monday,Benzinga reports. They currently have a $38.00 price target on the stock, down from their previous price target of $55.00. Bank of America‘s price objective points to a potential upside of 5.97% from the company’s current price.

Other analysts also recently issued research reports about the company. Morgan Stanley cut their target price on PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 2nd. Piper Sandler reissued an “overweight” rating and set a $50.00 price target (down from $55.00) on shares of PROCEPT BioRobotics in a report on Wednesday, November 5th. Leerink Partners reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, November 5th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $52.78.

PROCEPT BioRobotics Stock Up 1.2%

NASDAQ:PRCT opened at $35.86 on Monday. The company has a current ratio of 8.44, a quick ratio of 7.20 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $33.03 and a 200-day moving average of $44.17. The firm has a market capitalization of $2.00 billion, a PE ratio of -23.44 and a beta of 0.99. PROCEPT BioRobotics has a 52 week low of $27.80 and a 52 week high of $97.49.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.03. PROCEPT BioRobotics had a negative net margin of 28.20% and a negative return on equity of 21.72%. The business had revenue of $83.33 million during the quarter, compared to analyst estimates of $80.78 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. The company’s quarterly revenue was up 42.6% on a year-over-year basis. Analysts predict that PROCEPT BioRobotics will post -1.75 EPS for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

Hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. grew its stake in PROCEPT BioRobotics by 58.6% during the 3rd quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock valued at $122,052,000 after acquiring an additional 1,262,928 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of PROCEPT BioRobotics by 23.3% during the third quarter. Westfield Capital Management Co. LP now owns 1,970,147 shares of the company’s stock worth $70,315,000 after purchasing an additional 371,798 shares during the period. Chicago Capital LLC grew its position in PROCEPT BioRobotics by 175.7% during the third quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock valued at $55,992,000 after purchasing an additional 999,873 shares in the last quarter. Mackenzie Financial Corp grew its position in PROCEPT BioRobotics by 105.2% during the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock valued at $51,909,000 after purchasing an additional 745,778 shares in the last quarter. Finally, Champlain Investment Partners LLC increased its stake in PROCEPT BioRobotics by 34.3% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,437,897 shares of the company’s stock valued at $51,319,000 after buying an additional 367,251 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

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).