PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Down – What’s Next?

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) gapped down before the market opened on Thursday . The stock had previously closed at $78.31, but opened at $76.19. PROCEPT BioRobotics shares last traded at $77.98, with a volume of 145,160 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Jefferies Financial Group started coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target for the company. Morgan Stanley assumed coverage on PROCEPT BioRobotics in a research note on Monday, December 2nd. They issued an “overweight” rating and a $105.00 target price for the company. Piper Sandler restated an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.86.

PROCEPT BioRobotics Trading Down 3.6 %

The stock has a market capitalization of $3.97 billion, a P/E ratio of -38.98 and a beta of 1.05. The firm’s 50 day moving average price is $88.52 and its 200 day moving average price is $78.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09. The firm had revenue of $58.40 million during the quarter, compared to the consensus estimate of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The company’s quarterly revenue was up 66.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) earnings per share. As a group, equities research analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In related news, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the transaction, the chief executive officer now owns 258,445 shares in the company, valued at $23,518,495. The trade was a 52.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alaleh Nouri sold 28,092 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the transaction, the executive vice president now owns 52,472 shares in the company, valued at $5,096,605.36. This represents a 34.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 462,816 shares of company stock worth $43,008,799 over the last 90 days. 17.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCT. Values First Advisors Inc. purchased a new stake in PROCEPT BioRobotics in the third quarter worth about $27,000. Raleigh Capital Management Inc. purchased a new stake in PROCEPT BioRobotics in the fourth quarter worth about $32,000. Wilmington Savings Fund Society FSB purchased a new stake in PROCEPT BioRobotics in the third quarter worth about $64,000. Canton Hathaway LLC purchased a new stake in PROCEPT BioRobotics in the third quarter worth about $66,000. Finally, Nisa Investment Advisors LLC grew its holdings in PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock worth $89,000 after purchasing an additional 713 shares during the period. Hedge funds and other institutional investors own 89.46% of the company’s stock.

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).