PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 8.5% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shares were down 8.5% on Wednesday . The stock traded as low as $26.41 and last traded at $26.2630. Approximately 1,929,051 shares were traded during mid-day trading, an increase of 23% from the average daily volume of 1,563,391 shares. The stock had previously closed at $28.69.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRCT shares. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Truist Financial reduced their target price on shares of PROCEPT BioRobotics from $47.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Bank of America downgraded shares of PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $38.00 to $20.00 in a research note on Thursday, February 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research note on Tuesday, April 21st. Finally, Robert W. Baird started coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They issued a “neutral” rating and a $30.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $41.45.

PROCEPT BioRobotics Trading Down 10.4%

The firm’s 50 day moving average is $25.18 and its 200 day moving average is $29.12. The company has a market cap of $1.46 billion, a PE ratio of -14.12 and a beta of 0.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.01). The firm had revenue of $83.13 million for the quarter, compared to analysts’ expectations of $80.52 million. PROCEPT BioRobotics had a negative net margin of 31.82% and a negative return on equity of 27.70%. PROCEPT BioRobotics’s revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.45) EPS. On average, equities analysts anticipate that PROCEPT BioRobotics Corporation will post -1.53 earnings per share for the current year.

Insider Activity at PROCEPT BioRobotics

In related news, Director Antal Rohit Desai bought 167,246 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $25.58 per share, for a total transaction of $4,278,152.68. Following the completion of the transaction, the director directly owned 167,246 shares in the company, valued at $4,278,152.68. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin Waters sold 6,721 shares of PROCEPT BioRobotics stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $23.70, for a total transaction of $159,287.70. Following the sale, the executive vice president owned 152,264 shares of the company’s stock, valued at approximately $3,608,656.80. The trade was a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders bought 426,262 shares of company stock valued at $10,483,091 and sold 23,229 shares valued at $573,466. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd lifted its position in PROCEPT BioRobotics by 436.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock valued at $29,000 after purchasing an additional 746 shares during the last quarter. Center for Financial Planning Inc. bought a new stake in PROCEPT BioRobotics during the fourth quarter valued at approximately $40,000. US Bancorp DE lifted its position in PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock valued at $60,000 after purchasing an additional 1,079 shares during the last quarter. Cache Advisors LLC bought a new stake in PROCEPT BioRobotics during the first quarter valued at approximately $42,000. Finally, Lazard Asset Management LLC lifted its position in PROCEPT BioRobotics by 90.7% during the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock valued at $98,000 after purchasing an additional 810 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.