PROCEPT BioRobotics Receives Mixed Ratings from Analysts

PROCEPT BioRobotics (NASDAQ: PRCT) has been assigned a neutral rating by BTIG Research, reflecting a cautious outlook for the company. The rating was reissued in a research report published on Tuesday, indicating a tempered perspective among analysts regarding the stock’s performance.

Several other financial institutions have weighed in on PROCEPT BioRobotics in recent weeks. On July 9, 2023, Stephens initiated coverage with an “overweight” rating, setting a target price of $70.00. Conversely, Wells Fargo & Company lowered its price target from $75.00 to $58.00 while maintaining an “overweight” rating in a note released on August 7, 2023. Similarly, Morgan Stanley revised its target down from $71.00 to $68.00 on July 15, 2023, also retaining an “overweight” rating.

In a contrasting assessment, Wall Street Zen upgraded the company’s rating from “sell” to “hold” on August 9, 2023. Piper Sandler, on the other hand, adjusted its target price from $80.00 to $55.00, maintaining an “overweight” stance on the stock. The overall sentiment indicates a mix of optimism and caution, with seven analysts recommending a Buy rating and two suggesting a Hold rating. According to data from MarketBeat, PROCEPT BioRobotics currently has an average rating of “Moderate Buy” alongside an average price target of $70.00.

Recent Financial Performance

PROCEPT BioRobotics reported its latest earnings results on August 6, 2023. The company revealed an earnings per share (EPS) of ($0.35), surpassing analysts’ expectations of ($0.41) by $0.06. The firm’s revenue for the quarter reached $79.18 million, exceeding the anticipated $75.67 million.

Despite the positive earnings surprise, the company posted a negative net margin of 30.60% and a negative return on equity of 23.73%. Year-over-year revenue growth was notable, increasing by 48.3%. In the same quarter last year, PROCEPT BioRobotics reported an EPS of ($0.50). Analysts predict that the company will report an EPS of ($1.75) for the current fiscal year.

Institutional Investment Activity

Recent activity among institutional investors reveals increased interest in PROCEPT BioRobotics. Mirae Asset Global Investments Co. Ltd. expanded its stake by 9.0% during the first quarter, now holding 8,779 shares valued at approximately $527,000 after acquiring an additional 723 shares.

Osterweis Capital Management Inc. significantly boosted its holdings by 98.0%, owning 173,735 shares worth about $10.12 million following the purchase of 85,990 shares. Millennium Management LLC also grew its position by 88.6%, now possessing 542,987 shares valued at around $31.63 million.

Adage Capital Partners GP L.L.C. made a new investment in the company during the first quarter, amounting to $2.91 million. Champlain Investment Partners LLC increased its holdings by 48.0%, owning 676,196 shares valued at approximately $39.40 million after acquiring an additional 219,266 shares.

Currently, approximately 89.46% of PROCEPT BioRobotics stock is owned by hedge funds and institutional investors.

PROCEPT BioRobotics Corporation is focused on developing innovative solutions in urology, particularly through its AquaBeam Robotic System, which is designed for use in minimally invasive surgeries aimed at treating benign prostatic hyperplasia (BPH). The company continues to navigate a mix of analyst ratings and institutional investment activity as it seeks to solidify its position in the surgical robotics market.