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

Key Points

• PROCEPT BioRobotics shares hit a new 12-month low of $32.46 during trading, representing a decline amidst varied analyst ratings and price target adjustments.
• The company reported a quarterly revenue of $79.18 million, exceeding expectations, but still posted a negative net margin of 30.60%.
• As of now, 89.46% of PROCEPT BioRobotics stock is owned by institutional investors, indicating strong institutional interest despite recent stock performance.

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $32.46 and last traded at $33.00, with a volume of 930511 shares. The stock had previously closed at $32.92.

Analyst Ratings Changes

PRCT has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Piper Sandler cut their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Stephens assumed coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target on the stock. Morgan Stanley cut their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of PROCEPT BioRobotics in a report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Stock Up 0.2%

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

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

Institutional Trading of PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC grew its position in PROCEPT BioRobotics by 6.4% in the 3rd quarter. Voya Investment Management LLC now owns 15,318 shares of the company's stock worth $547,000 after purchasing an additional 916 shares during the last quarter. Osaic Holdings Inc. grew its position in PROCEPT BioRobotics by 20.3% in the 2nd quarter. Osaic Holdings Inc. now owns 2,001 shares of the company's stock worth $115,000 after purchasing an additional 337 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in PROCEPT BioRobotics in the 2nd quarter worth $576,000. Advisory Services Network LLC grew its position in PROCEPT BioRobotics by 1.3% in the 2nd quarter. Advisory Services Network LLC now owns 20,109 shares of the company's stock worth $1,158,000 after purchasing an additional 250 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in PROCEPT BioRobotics by 709.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,266 shares of the company's stock worth $361,000 after purchasing an additional 5,492 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).

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