PROCEPT BioRobotics (NASDAQ:PRCT) Now Covered by Analysts at Morgan Stanley

Investment analysts at Morgan Stanley began coverage on shares of PROCEPT BioRobotics (NASDAQ:PRCT) in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $105.00 price target on the stock. Morgan Stanley’s target price would suggest a potential upside of 9.84% from the company’s current price.

PRCT has been the topic of a number of other reports. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. 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. TD Cowen lifted their price objective on PROCEPT BioRobotics from $75.00 to $99.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Bank of America upped their target price on PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. Finally, Jefferies Financial Group began coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 target price for the company. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.71.

PROCEPT BioRobotics Stock Down 1.7 %

Shares of NASDAQ:PRCT opened at $95.59 on Monday. The firm has a market cap of $4.99 billion, a P/E ratio of -49.02 and a beta of 1.01. PROCEPT BioRobotics has a 12-month low of $36.15 and a 12-month high of $103.81. The business has a fifty day simple moving average of $83.90 and a 200 day simple moving average of $73.77. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (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 company had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. During the same period last year, the company earned ($0.51) earnings per share. The firm’s revenue was up 66.4% compared to the same quarter last year. Analysts predict that PROCEPT BioRobotics will post -1.73 earnings per share for the current year.

Insider Activity

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 35,220 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $76.12, for a total value of $2,680,946.40. Following the completion of the sale, the director now owns 23,963 shares of the company’s stock, valued at approximately $1,824,063.56. This trade represents a 59.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin Waters sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the sale, the chief financial officer now owns 96,096 shares of the company’s stock, valued at approximately $7,928,880.96. This represents a 20.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 561,773 shares of company stock worth $49,073,125 in the last three months. Company insiders own 17.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Values First Advisors Inc. bought a new stake in shares of PROCEPT BioRobotics during the third quarter worth about $27,000. Mark Sheptoff Financial Planning LLC bought a new stake in PROCEPT BioRobotics during the 2nd quarter worth approximately $36,000. Quest Partners LLC increased its holdings in 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 in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of PROCEPT BioRobotics in the third quarter worth approximately $64,000. Finally, Canton Hathaway LLC bought a new position in shares of PROCEPT BioRobotics in the third quarter valued at approximately $66,000. 89.46% of the stock is owned by institutional investors.

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).