PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Down on Analyst Downgrade

Key Points

• PROCEPT BioRobotics shares declined significantly following a downgrade by Piper Sandler, with a new price target set at $55.00, down from $80.00, leading to an opening price drop to $42.00.
• The stock is currently rated as a Moderate Buy by analysts, with a consensus price target of $81.63, despite several firms adjusting their ratings and price objectives.
• Insider activity showed a notable sale, as director Antal Rohit Desai sold 25,000 shares worth over $1.5 million, indicating substantial trimming of holdings.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s stock price gapped down prior to trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $75.00 to $58.00. The stock had previously closed at $45.69, but opened at $42.00. Wells Fargo & Company currently has an overweight rating on the stock. PROCEPT BioRobotics shares last traded at $39.18, with a volume of 768,134 shares.

Several other research firms also recently weighed in on PRCT. Stephens assumed coverage on PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price on the stock. Piper Sandler cut their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday. Bank of America cut their target price on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Oppenheimer began coverage on PROCEPT BioRobotics in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Morgan Stanley dropped their price objective on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $74.88.

Insider Buying and Selling at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction that occurred on 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 directly owned 14,363 shares in the company, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 100,000 shares of company stock worth $6,271,250. Corporate insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of PROCEPT BioRobotics by 9.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after buying an additional 723 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of PROCEPT BioRobotics by 7,021.1% during the 1st quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock valued at $373,000 after acquiring an additional 6,319 shares in the last quarter. Bessemer Group Inc. boosted its holdings in PROCEPT BioRobotics by 50.7% in the first quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after purchasing an additional 3,665 shares in the last quarter. Mariner LLC boosted its holdings in PROCEPT BioRobotics by 40.6% in the fourth quarter. Mariner LLC now owns 8,406 shares of the company's stock worth $677,000 after purchasing an additional 2,429 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in PROCEPT BioRobotics by 5.0% during the first quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock valued at $3,750,000 after acquiring an additional 3,077 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Price Performance

The stock's fifty day simple moving average is $56.97 and its 200-day simple moving average is $58.76. The company has a market capitalization of $2.11 billion, a P/E ratio of -24.62 and a beta of 1.05. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86.

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 firm had revenue of $79.18 million during 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 company's quarterly revenue was up 48.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.50) earnings per share. On average, equities analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

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).