PROCEPT BioRobotics (NASDAQ:PRCT) Hits New 12-Month Low – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s share price hit a new 52-week low on Tuesday . The stock traded as low as $32.46 and last traded at $33.00, with a volume of 930511 shares trading hands. The stock had previously closed at $32.92.

Wall Street Analyst Weigh In

PRCT has been the topic of several recent research reports. Oppenheimer upgraded shares of PROCEPT BioRobotics from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Tuesday, September 2nd. Piper Sandler decreased their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an “overweight” rating and a $70.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Wednesday, October 8th. Finally, Morgan Stanley decreased their target price on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

PROCEPT BioRobotics Stock Up 0.2%

The stock has a market capitalization of $1.84 billion, a P/E ratio of -21.29 and a beta of 0.99. The firm’s fifty day moving average is $38.47 and its 200-day moving average is $50.15. The company has a current ratio of 9.21, a quick ratio of 7.86 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative net margin of 30.60% and a negative return on equity of 23.73%. The firm had revenue of $79.18 million during the quarter, compared to the consensus estimate of $75.67 million. During the same period last year, the firm posted ($0.50) EPS. The firm’s quarterly revenue was up 48.3% on a year-over-year basis. As a group, equities research analysts predict that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. raised its stake in shares of PROCEPT BioRobotics by 0.6% in the second quarter. Alliancebernstein L.P. now owns 2,156,856 shares of the company’s stock worth $124,235,000 after acquiring an additional 13,163 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of PROCEPT BioRobotics by 113.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company’s stock worth $92,065,000 after acquiring an additional 849,792 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of PROCEPT BioRobotics by 43.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company’s stock worth $82,462,000 after acquiring an additional 429,461 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of PROCEPT BioRobotics by 9.7% in the second quarter. Geode Capital Management LLC now owns 1,298,894 shares of the company’s stock worth $74,826,000 after acquiring an additional 115,229 shares during the last quarter. Finally, State Street Corp raised its stake in shares of PROCEPT BioRobotics by 6.9% in the second quarter. State Street Corp now owns 1,269,110 shares of the company’s stock worth $73,101,000 after acquiring an additional 81,849 shares during the last quarter. 89.46% of the stock is owned by institutional investors.

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).