PROCEPT BioRobotics (NASDAQ:PRCT) Sets New 12-Month Low - Should You Sell?

Key Points

• PROCEPT BioRobotics reached a new 52-week low, trading at $46.68 with a significant drop from its previous closing price of $48.12.
• Analysts have decreased price targets for the stock, with Bank of America setting a new target of $84, while maintaining a "buy" rating.
• Institutional investors now hold 89.46% of the company's stock, reflecting increased interest from large investors during recent market fluctuations.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $46.71 and last traded at $46.68, with a volume of 182476 shares traded. The stock had previously closed at $48.12.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PRCT shares. Bank of America decreased their price target on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Morgan Stanley reduced their target price on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Stephens started coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 target price for the company. Truist Financial reduced their target price on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $84.13.

PROCEPT BioRobotics Price Performance

The firm's 50 day moving average is $57.95 and its 200 day moving average is $59.46. The firm has a market cap of $2.53 billion, a P/E ratio of -26.87 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.95 and a quick ratio of 7.75.

Insiders Place Their Bets

In related news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the sale, the director owned 14,363 shares in the company, valued at $883,180.87. This trade represents a 63.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 100,000 shares of company stock worth $6,271,250 over the last three months. Company insiders own 17.40% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Large investors have recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd purchased a new stake in shares of PROCEPT BioRobotics in the first quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of PROCEPT BioRobotics in the first quarter valued at about $40,000. Thematics Asset Management purchased a new stake in shares of PROCEPT BioRobotics in the fourth quarter valued at about $46,000. CWM LLC grew its holdings in shares of PROCEPT BioRobotics by 69.5% in the first quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after purchasing an additional 358 shares during the period. Finally, AlphaQuest LLC grew its holdings in shares of PROCEPT BioRobotics by 1,262.5% in the second quarter. AlphaQuest LLC now owns 1,090 shares of the company's stock valued at $63,000 after purchasing an additional 1,010 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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).

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