PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 3.5% - Should You Sell?

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) shares were down 3.5% during mid-day trading on Wednesday . The stock traded as low as $38.46 and last traded at $38.18. Approximately 230,691 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,016,098 shares. The stock had previously closed at $39.57.

Wall Street Analyst Weigh In

PRCT has been the subject of several research reports. Morgan Stanley lowered their target price on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Piper Sandler dropped their price objective on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company reduced their price target on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Stephens assumed coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective on the stock. Finally, Oppenheimer raised PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a research report on Tuesday, September 2nd. Seven equities 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 a consensus rating of "Moderate Buy" and an average target price of $70.00.

PROCEPT BioRobotics Price Performance

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 50-day moving average of $44.79 and a 200 day moving average of $52.76.

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

Hedge Funds Weigh In On PROCEPT BioRobotics

Several hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its position in shares of PROCEPT BioRobotics by 0.6% in the 2nd quarter. Alliancebernstein L.P. now owns 2,156,856 shares of the company's stock worth $124,235,000 after purchasing an additional 13,163 shares during the period. Westfield Capital Management Co. LP grew its position in shares of PROCEPT BioRobotics by 113.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,598,349 shares of the company's stock valued at $92,065,000 after purchasing an additional 849,792 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in PROCEPT BioRobotics by 43.6% during the first 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 raised its stake in shares of PROCEPT BioRobotics by 9.7% in 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 during the period. Finally, State Street Corp grew its holdings in shares of PROCEPT BioRobotics by 6.9% in the second quarter. State Street Corp now owns 1,269,110 shares of the company's stock valued at $73,101,000 after purchasing an additional 81,849 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors.

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).