Truist Financial Has Lowered Expectations for PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price

PROCEPT BioRobotics (NASDAQ:PRCT) had its price objective decreased by equities researchers at Truist Financial from $50.00 to $47.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 38.43% from the stock’s previous close.

Several other research firms have also issued reports on PRCT. Bank of America reissued a “neutral” rating and set a $38.00 target price (down from $55.00) on shares of PROCEPT BioRobotics in a research note on Monday, December 8th. Morgan Stanley lowered their price target on PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 2nd. Piper Sandler reissued an “overweight” rating and issued a $50.00 price objective (down from $55.00) on shares of PROCEPT BioRobotics in a report on Wednesday, November 5th. BTIG Research reaffirmed a “neutral” rating on shares of PROCEPT BioRobotics in a research note on Tuesday, September 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.40.

PROCEPT BioRobotics Stock Performance

Shares of PROCEPT BioRobotics stock traded up $0.17 during trading on Thursday, hitting $33.95. 132,850 shares of the company’s stock were exchanged, compared to its average volume of 1,116,144. The business has a 50-day simple moving average of $33.03 and a 200-day simple moving average of $43.01. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -22.15 and a beta of 0.99. PROCEPT BioRobotics has a 52-week low of $27.80 and a 52-week high of $89.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.20 and a current ratio of 8.44.

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

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRCT. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of PROCEPT BioRobotics in the third quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PROCEPT BioRobotics during the first quarter worth about $40,000. Vega Investment Solutions grew its stake in PROCEPT BioRobotics by 52.0% during the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company’s stock valued at $45,000 after acquiring an additional 265 shares in the last quarter. US Bancorp DE raised 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 valued at $60,000 after acquiring an additional 1,079 shares during the last quarter. Finally, AlphaQuest LLC lifted its stake in PROCEPT BioRobotics by 1,262.5% in the 2nd quarter. AlphaQuest LLC now owns 1,090 shares of the company’s stock worth $63,000 after purchasing an additional 1,010 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).