PROCEPT BioRobotics (NASDAQ:PRCT) Stock Falls 6.8% - Here's What Happened

Key Points

• PROCEPT BioRobotics shares fell 6.8% to approximately $16.99, with trading volume 68% below the average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans cautious: the consensus rating is “Hold” with a $25.09 price target, while UBS downgraded the stock to neutral and Piper Sandler cut its target to $25.
• The company reported quarterly revenue of $94.5 million, up 19.3% year over year and above estimates, but its $0.47 per-share loss narrowly missed expectations. CEO Larry Wood also purchased nearly $498,000 of company stock.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) was down 6.8% on Thursday. The company traded as low as $17.16 and last traded at $16.9850. 496,401 shares traded hands during trading, a decline of 68% from the average daily volume of 1,535,753 shares. The stock had previously closed at $18.22.

Analyst Ratings Changes

Several equities analysts recently weighed in on PRCT shares. Robert W. Baird set a $20.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Weiss Ratings reissued a "sell (e+)" rating on shares of PROCEPT BioRobotics in a report on Friday, July 17th. Jefferies Financial Group reissued a "hold" rating and issued a $20.00 price target on shares of PROCEPT BioRobotics in a research note on Wednesday, August 5th. Piper Sandler dropped their price objective on shares of PROCEPT BioRobotics from $35.00 to $25.00 and set an "overweight" rating for the company in a report on Wednesday, August 5th. Finally, UBS Group cut shares of PROCEPT BioRobotics from a "buy" rating to a "neutral" rating and set a $20.00 price objective for the company. in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $25.09.

PROCEPT BioRobotics Stock Down 6.9%

The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $19.96 and a 200 day moving average of $22.79. The stock has a market capitalization of $971.87 million, a price-to-earnings ratio of -8.75 and a beta of 0.91.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.01). PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%.The business had revenue of $94.50 million during the quarter, compared to the consensus estimate of $92.77 million. During the same period last year, the company earned ($0.35) earnings per share. The business's quarterly revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.67 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Larry Wood acquired 23,900 shares of the firm's stock in a transaction on Friday, August 7th. The shares were bought at an average cost of $20.85 per share, with a total value of $498,315.00. Following the completion of the acquisition, the chief executive officer owned 23,900 shares of the company's stock, valued at $498,315. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 1,043 shares of company stock worth $21,851 in the last 90 days. 4.00% of the stock is owned by insiders.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors have recently bought and sold shares of PRCT. BlackRock Inc. acquired a new stake in shares of PROCEPT BioRobotics during the second quarter worth $109,961,000. Jupiter Topco LLC bought a new position in PROCEPT BioRobotics in the second quarter valued at about $24,914,000. William Blair Investment Management LLC bought a new position in PROCEPT BioRobotics in the 2nd quarter valued at approximately $16,020,000. Bank of America Corp DE bought a new stake in PROCEPT BioRobotics in the second quarter valued at approximately $11,656,000. Finally, CPMG Inc bought a new position in PROCEPT BioRobotics during the first quarter worth $10,661,000. Institutional investors and hedge funds own 89.46% of the company's stock.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for urologic care. The company's primary focus is the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

Its flagship product is the AQUABEAM Robotic System, which uses image guidance, robotics, and high-velocity waterjet technology to remove targeted prostate tissue without the use of a traditional cutting instrument.

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