PROCEPT BioRobotics (NASDAQ:PRCT) faced a significant downgrade as Wall Street Zen reduced its rating on the company’s shares from “hold” to “sell” in a report published on Saturday. This decision reflects a growing uncertainty surrounding the stock, which has been subject to various analysts’ assessments recently.
In related analyses, Oppenheimer initiated coverage of PROCEPT BioRobotics on July 7, 2024, assigning a “market perform” designation. Meanwhile, Truist Financial lowered its price target from $90.00 to $70.00, while maintaining a “buy” rating in a note released on April 11, 2024. Bank of America also adjusted its price estimate, reducing it from $104.00 to $84.00, while keeping a “buy” rating on April 25, 2024. Furthermore, Stephens began coverage on July 9, 2024, setting an “overweight” rating with a target price of $70.00.
Currently, the consensus among analysts includes one “sell” rating, two “hold” ratings, and seven “buy” ratings. According to data from MarketBeat, the overall consensus rating for PROCEPT BioRobotics stands at “Moderate Buy,” with an average target price of $87.50.
Quarterly Earnings and Insider Activity
PROCEPT BioRobotics reported its latest quarterly earnings on April 24, 2024, revealing an earnings per share (EPS) loss of ($0.45), which exceeded analysts’ expectations of ($0.49) by $0.04. The company achieved a revenue of $69.16 million, surpassing the forecast of $65.39 million, marking a remarkable year-over-year increase of 55.5%. Despite this growth, PROCEPT BioRobotics continues to grapple with substantial financial challenges, as indicated by a negative net margin of 36.20% and a return on equity of (28.09%). Analysts project an average EPS loss of (1.75) for the current fiscal year.
In recent insider transactions, Director Antal Rohit Desai sold 25,000 shares on June 12, 2024, at an average price of $61.49, totaling approximately $1.54 million. Following this sale, Desai retained 14,363 shares valued at around $883,180.87, which represents a 63.51% reduction in his ownership of the stock. Over the past 90 days, insiders have sold a total of 100,000 shares valued at approximately $6.27 million, with insider ownership now at 6.60% of the company.
Institutional Investment Trends
Institutional investors have also been active in trading PROCEPT BioRobotics shares. Signaturefd LLC increased its stake by 26.7% in the fourth quarter, acquiring 689 shares valued at $55,000. Ensign Peak Advisors Inc raised its holdings by 1.1%, now owning 14,165 shares valued at $1.14 million. Amundi increased its stake by 0.9%, holding 20,143 shares valued at $1.74 million.
Nisa Investment Advisors LLC bolstered its holdings by 32.5% in the first quarter, acquiring 1,100 shares valued at $64,000. CWM LLC also increased its investment significantly by 69.5%, now owning 873 shares valued at $51,000. Overall, institutional investors now hold 89.46% of PROCEPT BioRobotics stock.
PROCEPT BioRobotics Corporation specializes in creating innovative surgical solutions, particularly in urology. The firm develops the AquaBeam Robotic System, which is designed for minimally invasive surgeries targeting benign prostatic hyperplasia (BPH) both in the United States and internationally.
The evolving landscape for PROCEPT BioRobotics highlights the critical nature of investor confidence and market evaluations, as analysts and insiders react to recent earnings reports and market conditions.
