PROCEPT BioRobotics (NASDAQ:PRCT) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research report released on Monday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $105.00 price target on the stock.

A number of other brokerages have also recently weighed in on PRCT. Bank of America increased their target price on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, August 22nd. TD Cowen increased their price objective on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Piper Sandler reissued an “overweight” rating and issued a $75.00 target price on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Jefferies Financial Group started coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target on the stock. Finally, Truist Financial reissued a “buy” rating and issued a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.71.

PROCEPT BioRobotics Price Performance

PRCT stock opened at $96.11 on Monday. The firm has a market cap of $5.02 billion, a P/E ratio of -49.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. PROCEPT BioRobotics has a 1 year low of $36.52 and a 1 year high of $103.81. The stock has a 50-day simple moving average of $84.22 and a 200-day simple moving average of $73.97.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.09. The company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The company’s revenue was up 66.4% on a year-over-year basis. During the same period last year, the firm earned ($0.51) earnings per share. On average, equities analysts predict that PROCEPT BioRobotics will post -1.73 earnings per share for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 44,867 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $80.11, for a total value of $3,594,295.37. Following the completion of the sale, the director now owns 197,453 shares of the company’s stock, valued at $15,817,959.83. The trade was a 18.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Reza Zadno sold 26,420 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $97.83, for a total value of $2,584,668.60. Following the completion of the sale, the chief executive officer now owns 179,185 shares of the company’s stock, valued at approximately $17,529,668.55. This trade represents a 12.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 552,973 shares of company stock valued at $48,976,847. 17.40% of the stock is owned by insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Large investors have recently made changes to their positions in the business. Values First Advisors Inc. bought a new position in PROCEPT BioRobotics during the third quarter worth $27,000. Mark Sheptoff Financial Planning LLC acquired a new stake in PROCEPT BioRobotics in the 2nd quarter worth $36,000. Quest Partners LLC increased its holdings in shares of PROCEPT BioRobotics by 2,492.3% during the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock worth $41,000 after purchasing an additional 648 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of PROCEPT BioRobotics during the third quarter valued at about $64,000. Finally, Canton Hathaway LLC bought a new stake in shares of PROCEPT BioRobotics in the third quarter valued at about $66,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

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).