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

Key Points

• PROCEPT BioRobotics’ stock price fell 3.5% to $48.21, with trading volume down 96% compared to its average daily volume.
• Analysts have mixed ratings for the stock, with a target price range from $70.00 to $84.00, and an average rating of "Moderate Buy."
• Insider selling was significant, with a director selling 25,000 shares, resulting in a 63.51% decrease in their ownership of the stock.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s share price dropped 3.5% during trading on Monday . The company traded as low as $48.64 and last traded at $48.21. Approximately 39,793 shares traded hands during trading, a decline of 96% from the average daily volume of 971,570 shares. The stock had previously closed at $49.96.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PRCT shares. Morgan Stanley cut their target price 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. Oppenheimer initiated coverage on PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating on the stock. Wells Fargo & Company decreased their target price on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday. Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Finally, Piper Sandler lowered their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, PROCEPT BioRobotics currently has an average rating of "Moderate Buy" and a consensus price target of $74.88.

PROCEPT BioRobotics Stock Performance

The stock has a market cap of $2.14 billion, a PE ratio of -24.85 and a beta of 1.05. The stock has a fifty day moving average of $57.37 and a 200-day moving average of $59.12. The company has a quick ratio of 7.75, a current ratio of 8.95 and a debt-to-equity ratio of 0.13.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.06. PROCEPT BioRobotics had a negative return on equity of 24.45% 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 period last year, the business posted ($0.50) EPS. The company's revenue was up 48.3% on a year-over-year basis. On average, equities analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current year.

Insider Buying and Selling

In other news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total value of $1,537,250.00. Following the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 100,000 shares of company stock worth $6,271,250. 6.60% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

Several hedge funds have recently modified their holdings of the business. Ensign Peak Advisors Inc lifted its holdings in PROCEPT BioRobotics by 1.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 14,165 shares of the company's stock valued at $1,141,000 after acquiring an additional 150 shares during the period. Nisa Investment Advisors LLC boosted its holdings in PROCEPT BioRobotics by 32.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock worth $64,000 after buying an additional 270 shares in the last quarter. CWM LLC grew its position in PROCEPT BioRobotics by 40.7% during the second quarter. CWM LLC now owns 1,228 shares of the company's stock worth $71,000 after buying an additional 355 shares during the period. Assetmark Inc. increased its holdings in PROCEPT BioRobotics by 5.1% in the second quarter. Assetmark Inc. now owns 8,333 shares of the company's stock valued at $480,000 after buying an additional 407 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of PROCEPT BioRobotics by 3.2% during the 1st quarter. Arizona State Retirement System now owns 14,737 shares of the company's stock valued at $859,000 after acquiring an additional 452 shares during the period. 89.46% of the stock is owned by institutional investors and hedge funds.

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).