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) gapped down prior to trading on Thursday after Piper Sandler lowered their price target on the stock from $80.00 to $55.00. The stock had previously closed at $45.69, but opened at $42.00. Piper Sandler 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 have also weighed in on PRCT. Wall Street Zen lowered shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Morgan Stanley reduced their price objective 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. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective on the stock. Oppenheimer started coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Truist Financial cut their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.63.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction 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 transaction, the director directly owned 14,363 shares of the company's stock, valued at $883,180.87. The trade was a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 100,000 shares of company stock worth $6,271,250 over the last three months. Insiders own 6.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its position in PROCEPT BioRobotics by 9.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock valued at $527,000 after acquiring an additional 723 shares during the last quarter. GAMMA Investing LLC boosted its stake in PROCEPT BioRobotics by 7,021.1% during the first quarter. GAMMA Investing LLC now owns 6,409 shares of the company's stock worth $373,000 after acquiring an additional 6,319 shares in the last quarter. Bessemer Group Inc. boosted its stake in PROCEPT BioRobotics by 50.7% during the first quarter. Bessemer Group Inc. now owns 10,900 shares of the company's stock worth $635,000 after acquiring an additional 3,665 shares in the last quarter. Mariner LLC boosted its stake in PROCEPT BioRobotics by 40.6% during the fourth quarter. Mariner LLC now owns 8,406 shares of the company's stock worth $677,000 after acquiring an additional 2,429 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of PROCEPT BioRobotics by 5.0% in the 1st quarter. Rhumbline Advisers now owns 64,373 shares of the company's stock worth $3,750,000 after purchasing an additional 3,077 shares in the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Trading Down 12.1%

The firm's 50-day moving average is $57.69 and its 200-day moving average is $59.37. The company has a current ratio of 8.95, a quick ratio of 7.75 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -23.45 and a beta of 1.05.

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, beating the consensus estimate 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 net margin of 36.20% and a negative return on equity of 28.09%. PROCEPT BioRobotics's revenue was up 48.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.50) EPS. As a group, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS 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).

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