PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 4.3% - Here's What Happened

Key Points

• PROCEPT BioRobotics shares fell by 4.3% on Wednesday, closing at $37.82 after reaching a low of $38.14, with trading volume down 86% from its average.
• Despite the stock's recent decline, the company has a market capitalization of $2.10 billion and an average price target of $73.22, reflecting a consensus rating of "Moderate Buy" from analysts.
• PROCEPT BioRobotics reported a quarterly revenue of $79.18 million, up 48.3% year-over-year, and beat earnings estimates by $0.06.

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report)'s stock price traded down 4.3% on Wednesday . The company traded as low as $38.14 and last traded at $37.82. 143,130 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,008,926 shares. The stock had previously closed at $39.52.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered 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 report on Tuesday, July 15th. Wall Street Zen upgraded shares of PROCEPT BioRobotics from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Wells Fargo & Company decreased their target price on shares of PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Piper Sandler decreased their target price on shares of PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Stephens assumed coverage on shares of PROCEPT BioRobotics in a research report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price on the stock. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.22.

PROCEPT BioRobotics Stock Performance

The company has a market capitalization of $2.11 billion, a PE ratio of -24.52 and a beta of 1.03. 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 stock's fifty day simple moving average is $46.77 and its 200-day simple moving average is $53.62.

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

Institutional Trading of PROCEPT BioRobotics

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of PROCEPT BioRobotics by 9.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,779 shares of the company's stock worth $527,000 after purchasing an additional 723 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 buying an additional 255,140 shares during the last quarter. Osterweis Capital Management Inc. boosted its holdings in shares of 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 buying an additional 85,990 shares during the period. Champlain Investment Partners LLC increased its stake in shares of 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 last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of PROCEPT BioRobotics in the first quarter worth $2,913,000. 89.46% of the stock is owned by hedge funds and other institutional investors.

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).