PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 3.5% - What's Next?

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 stock price was down 3.5% on Monday . The stock traded as low as $48.64 and last traded at $48.21. Approximately 39,793 shares changed hands during trading, a decline of 96% from the average daily volume of 971,570 shares. The stock had previously closed at $49.96.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PRCT shares. Bank of America cut their target price on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 25th. Wall Street Zen cut shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Stephens initiated coverage on shares of PROCEPT BioRobotics in a research note on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price target on the stock. Truist Financial dropped 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. Finally, Oppenheimer initiated coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $84.13.

PROCEPT BioRobotics Price Performance

The stock's 50-day simple moving average is $58.32 and its 200 day simple moving average is $59.73. The company has a quick ratio of 7.75, a current ratio of 8.95 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -29.25 and a beta of 1.05.

Insider Buying and Selling

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of the company's 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 transaction, the director owned 14,363 shares of the company's stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 100,000 shares of company stock valued at $6,271,250 over the last 90 days. Corporate insiders own 17.40% of the company's stock.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors and hedge funds have recently bought and sold shares of PRCT. ANTIPODES PARTNERS Ltd purchased a new stake in PROCEPT BioRobotics during the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in PROCEPT BioRobotics during the first quarter worth about $40,000. Thematics Asset Management purchased a new stake in PROCEPT BioRobotics during the fourth quarter worth about $46,000. CWM LLC increased its stake in shares of PROCEPT BioRobotics by 69.5% during the first quarter. CWM LLC now owns 873 shares of the company's stock worth $51,000 after buying an additional 358 shares during the period. Finally, AlphaQuest LLC increased its stake in shares of PROCEPT BioRobotics by 1,262.5% during the second quarter. AlphaQuest LLC now owns 1,090 shares of the company's stock worth $63,000 after buying an additional 1,010 shares during the period. 89.46% of the stock is currently owned by hedge funds and other 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).

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