PROCEPT BioRobotics (NASDAQ:PRCT) Sets New 52-Week Low - What's Next?

Key Points

• PROCEPT BioRobotics shares hit a new 52-week low at $35.29, with a recent trading price of $35.69, indicating a decline from the previous close of $36.49.
• Brokerages are adjusting their price targets for PRCT, with Piper Sandler lowering theirs from $80.00 to $55.00 while maintaining an "overweight" rating, reflecting varied outlooks among analysts.
• In their latest earnings report, PROCEPT BioRobotics surpassed EPS estimates by reporting ($0.35) per share and achieved revenue of $79.18 million, up 48.3% year-over-year.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s share price reached a new 52-week low on Wednesday . The stock traded as low as $35.29 and last traded at $35.69, with a volume of 931012 shares trading hands. The stock had previously closed at $36.49.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRCT. Piper Sandler dropped their price target on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. BTIG Research restated a "neutral" rating on shares of PROCEPT BioRobotics in a research note on Tuesday, September 16th. Morgan Stanley dropped their price target on shares of PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Stephens began coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, PROCEPT BioRobotics presently has an average rating of "Moderate Buy" and a consensus target price of $70.00.

PROCEPT BioRobotics Stock Down 2.2%

The business's 50 day moving average is $41.89 and its 200-day moving average is $51.79. 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 firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -23.03 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $79.18 million for the quarter, compared to analyst estimates 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 period last year, the business posted ($0.50) EPS. Equities analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

Institutional Trading of PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. lifted its holdings in shares of PROCEPT BioRobotics by 0.6% during the 2nd quarter. Alliancebernstein L.P. now owns 2,156,856 shares of the company's stock worth $124,235,000 after acquiring an additional 13,163 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of PROCEPT BioRobotics by 113.5% during the 2nd 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 in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of 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 valued at $82,462,000 after acquiring an additional 429,461 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of PROCEPT BioRobotics by 9.7% during the 2nd 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 in the last quarter. Finally, State Street Corp boosted its position in shares of PROCEPT BioRobotics by 6.9% during the 2nd 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 in 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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