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

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.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on PRCT. Wall Street Zen raised PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday. Bank of America reduced their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Piper Sandler reduced their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday. Oppenheimer assumed coverage on PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Finally, Wells Fargo & Company cut their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.88.

PROCEPT BioRobotics Price Performance

The company has a fifty day simple moving average of $56.97 and a two-hundred day simple moving average of $58.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.86 and a current ratio of 9.21. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -24.78 and a beta of 1.05.

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

Insider Activity at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was 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 directly owned 14,363 shares in the company, valued at $883,180.87. This represents a 63.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders sold 100,000 shares of company stock worth $6,271,250. Corporate insiders own 17.40% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. boosted its position in PROCEPT BioRobotics by 22.3% during the 1st quarter. Alliancebernstein L.P. now owns 2,143,693 shares of the company's stock worth $124,892,000 after purchasing an additional 391,215 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in PROCEPT BioRobotics by 43.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,415,403 shares of the company's stock worth $82,462,000 after purchasing an additional 429,461 shares during the period. Geode Capital Management LLC boosted its position in PROCEPT BioRobotics by 9.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,298,894 shares of the company's stock worth $74,826,000 after purchasing an additional 115,229 shares during the period. Price T Rowe Associates Inc. MD boosted its position in PROCEPT BioRobotics by 47.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,055,762 shares of the company's stock worth $61,510,000 after purchasing an additional 341,906 shares during the period. Finally, Westfield Capital Management Co. LP boosted its position in PROCEPT BioRobotics by 43.2% during the 1st quarter. Westfield Capital Management Co. LP now owns 748,557 shares of the company's stock worth $43,611,000 after purchasing an additional 225,894 shares during the period. 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).