PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 3.5% - Here's What Happened

Key Points

• PROCEPT BioRobotics Corporation shares experienced a 3.5% decline, closing at $38.18 after trading as low as $38.46, indicating a significant drop in trading volume.
• Several analysts have upgraded their ratings on PROCEPT BioRobotics, with a consensus price target of $70.00, reflecting positive expectations for the company's performance.
• Despite posting a loss of ($0.35) EPS in its last quarter, PROCEPT BioRobotics reported revenue of $79.18 million, surpassing estimates and showing a 48.3% year-over-year increase.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s stock price traded down 3.5% during trading on Wednesday . The company traded as low as $38.46 and last traded at $38.18. 230,691 shares traded hands during trading, a decline of 77% from the average session volume of 1,016,098 shares. The stock had previously closed at $39.57.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Piper Sandler decreased their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Morgan Stanley decreased 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. Wells Fargo & Company decreased their price objective on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. BTIG Research reiterated a "neutral" rating on shares of PROCEPT BioRobotics in a research note on Tuesday. Finally, Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price target for the company in a research note on Tuesday, September 2nd. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Stock Down 1.7%

The company has a quick ratio of 7.86, a current ratio of 9.21 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $44.79 and a 200-day moving average price of $52.81. The firm has a market capitalization of $2.08 billion, a PE ratio of -24.12 and a beta of 1.03.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last issued its 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 company had revenue of $79.18 million during the quarter, compared to analysts' expectations of $75.67 million. PROCEPT BioRobotics had a negative return on equity of 23.73% and a negative net margin of 30.60%.The firm's quarterly revenue was up 48.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.50) EPS. Equities research analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Institutional Trading of PROCEPT BioRobotics

Hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of PROCEPT BioRobotics by 9.0% in the 1st 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 during the period. Osterweis Capital Management Inc. grew its position in PROCEPT BioRobotics by 98.0% in the first quarter. Osterweis Capital Management Inc. now owns 173,735 shares of the company's stock worth $10,122,000 after acquiring an additional 85,990 shares during the period. Millennium Management LLC grew its position in PROCEPT BioRobotics by 88.6% in the first quarter. Millennium Management LLC now owns 542,987 shares of the company's stock worth $31,634,000 after acquiring an additional 255,140 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in PROCEPT BioRobotics in the first quarter worth approximately $2,913,000. Finally, Champlain Investment Partners LLC grew its position in PROCEPT BioRobotics by 48.0% in the first quarter. Champlain Investment Partners LLC now owns 676,196 shares of the company's stock worth $39,395,000 after acquiring an additional 219,266 shares during the period. Hedge funds and other institutional investors own 89.46% of the company's stock.

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).