PROCEPT BioRobotics (NASDAQ:PRCT) Reaches New 52-Week Low - Here's What Happened

Key Points

• PROCEPT BioRobotics shares hit a new 52-week low of $33.83 during mid-day trading, with the last traded price at $34.54, following a prior close of $34.61.
• Analysts have cut price targets for PROCEPT BioRobotics, with Wells Fargo reducing theirs from $75.00 to $58.00, while maintaining an "overweight" rating, indicating mixed sentiments in the market.
• Despite the recent decline, PROCEPT BioRobotics reported a revenue increase of 48.3% for the last quarter compared to the same period last year, generating $79.18 million and exceeding analyst expectations.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $33.83 and last traded at $34.54, with a volume of 176217 shares trading hands. The stock had previously closed at $34.61.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRCT. Wells Fargo & Company cut their price objective on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Stephens began coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Oppenheimer upgraded shares of PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price objective on the stock in a research note on Tuesday, September 2nd. BTIG Research reissued a "neutral" rating on shares of PROCEPT BioRobotics in a report on Tuesday, September 16th. Finally, Morgan Stanley lowered 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. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Trading Down 1.0%

The company's 50 day moving average price is $39.75 and its two-hundred day moving average price is $51.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The stock has a market capitalization of $1.91 billion, a PE ratio of -22.10 and a beta of 0.99.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $75.67 million. During the same period last year, the business earned ($0.50) earnings per share. PROCEPT BioRobotics's revenue was up 48.3% compared to the same quarter last year. As a group, analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Institutional Investors Weigh In On PROCEPT BioRobotics

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