Jefferies Financial Group Begins Coverage on PROCEPT BioRobotics (NASDAQ:PRCT)

Jefferies Financial Group assumed coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a report issued on Thursday, MarketBeat reports. The firm issued a hold rating and a $95.00 price objective on the stock.

Other research analysts also recently issued reports about the stock. Bank of America upped their price target 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 boosted 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. Wells Fargo & Company upped their price target on shares of PROCEPT BioRobotics from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Finally, Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.50.

PROCEPT BioRobotics Stock Performance

PROCEPT BioRobotics stock traded up $3.03 during midday trading on Thursday, reaching $88.94. 775,439 shares of the company’s stock were exchanged, compared to its average volume of 661,827. PROCEPT BioRobotics has a 52 week low of $31.57 and a 52 week high of $103.81. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of -45.57 and a beta of 1.01. The stock’s 50-day simple moving average is $80.53 and its 200 day simple moving average is $70.96.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business had revenue of $58.40 million during the quarter, compared to analysts’ expectations of $53.30 million. During the same quarter last year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics’s quarterly revenue was up 66.4% on a year-over-year basis. On average, analysts expect that PROCEPT BioRobotics will post -1.74 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Antal Rohit Desai sold 13,305 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $76.37, for a total transaction of $1,016,102.85. Following the transaction, the director now owns 317,518 shares in the company, valued at approximately $24,248,849.66. This represents a 4.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Reza Zadno sold 288,461 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the completion of the sale, the chief executive officer now owns 258,445 shares in the company, valued at $23,518,495. This represents a 52.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,353 shares of company stock worth $46,627,426. Company insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of PROCEPT BioRobotics by 5.9% in the 3rd quarter. State Street Corp now owns 1,179,514 shares of the company’s stock worth $94,503,000 after acquiring an additional 66,175 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth about $11,890,000. HighTower Advisors LLC acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth about $279,000. Centiva Capital LP acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth about $605,000. Finally, Eventide Asset Management LLC acquired a new stake in shares of PROCEPT BioRobotics in the 3rd quarter worth about $10,335,000. 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).