Shares of PROCEPT BioRobotics (NASDAQ: PRCT) received a downgrade from a hold rating to a sell rating by Wall Street Zen in a research report issued on Saturday. This decision reflects a broader reassessment of the company’s stock by various financial analysts, highlighting shifting sentiments in the market.
Several firms have recently provided insights into PROCEPT’s stock performance. Oppenheimer initiated coverage on July 7, 2023, assigning a “market perform” rating. Meanwhile, Truist Financial lowered its price target from $90.00 to $70.00, maintaining a “buy” rating in a report released on April 11. Similarly, Bank of America adjusted its price objective from $104.00 to $84.00 with a “buy” rating, effective April 25. On July 9, Stephens also initiated coverage, giving the stock an “overweight” rating with a price target of $70.00.
Currently, the overall analyst consensus shows one sell rating, two hold ratings, and seven buy ratings for PROCEPT BioRobotics. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.50.
Recent Earnings Report and Insider Activity
PROCEPT BioRobotics released its quarterly earnings report on April 24, revealing earnings per share (EPS) of ($0.45), surpassing analyst expectations of ($0.49) by $0.04. The company reported a revenue of $69.16 million, exceeding projected figures of $65.39 million and marking a substantial year-over-year increase of 55.5%. The previous year, the company reported an EPS of ($0.51). Despite these positive revenue figures, PROCEPT BioRobotics experienced a negative net margin of 36.20% and a negative return on equity of 28.09%. Analysts forecast that the company will post an EPS of ($1.75) for the current year.
In a notable transaction, Director Antal Rohit Desai sold 25,000 shares of stock on June 12, generating proceeds of approximately $1.54 million at an average price of $61.49. This sale represents a significant 63.51% decrease in his holdings, leaving him with 14,363 shares valued at around $883,180.87. Over the last 90 days, insiders have sold a total of 100,000 shares worth approximately $6.27 million, while insiders currently own 6.60% of the company’s stock.
Institutional Investor Activity
Recent movements among institutional investors indicate a dynamic trading environment for PROCEPT BioRobotics. Signaturefd LLC increased its stake by 26.7% in the fourth quarter, now holding 689 shares valued at $55,000 after acquiring an additional 145 shares. Ensign Peak Advisors Inc raised its holdings by 1.1%, owning 14,165 shares valued at $1.14 million following the purchase of 150 shares. Amundi also increased its position by 0.9%, now owning 20,143 shares worth $1.74 million.
In the first quarter, Nisa Investment Advisors LLC boosted its stake by 32.5%, acquiring 1,100 shares valued at $64,000. Additionally, CWM LLC saw a significant increase of 69.5%, bringing its total to 873 shares valued at $51,000. Institutional investors now control 89.46% of PROCEPT BioRobotics’ stock.
PROCEPT BioRobotics Corporation specializes in surgical robotics with a focus on developing innovative solutions for urology. The company is known for its AquaBeam Robotic System, which is utilized in minimally invasive surgeries targeting benign prostatic hyperplasia (BPH). As the company navigates these analyst evaluations and market changes, investors will be watching closely for future developments.
