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) shares were down 4.3% on Wednesday . The company traded as low as $38.14 and last traded at $37.82. Approximately 143,130 shares changed hands during trading, a decline of 86% from the average daily volume of 1,008,926 shares. The stock had previously closed at $39.52.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PRCT shares. Stephens started coverage on PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 target price for the company. Wells Fargo & Company dropped their target price on PROCEPT BioRobotics from $75.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Piper Sandler dropped their target price on PROCEPT BioRobotics from $80.00 to $55.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Oppenheimer upgraded PROCEPT BioRobotics from a "market perform" rating to an "outperform" rating and set a $60.00 price target on the stock in a research report on Tuesday, September 2nd. Finally, Morgan Stanley decreased their price target on PROCEPT BioRobotics from $71.00 to $68.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, PROCEPT BioRobotics currently has a consensus rating of "Moderate Buy" and an average target price of $73.22.

PROCEPT BioRobotics Stock Performance

The company has a market capitalization of $2.10 billion, a P/E ratio of -24.37 and a beta of 1.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.21 and a quick ratio of 7.86. The company has a fifty day moving average price of $48.03 and a two-hundred day moving average price of $54.28.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.35) EPS for the quarter, topping 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 analyst estimates of $75.67 million. During the same period in the previous year, the firm earned ($0.50) earnings per share. The firm's quarterly revenue was up 48.3% on a year-over-year basis. Equities analysts forecast that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the transaction, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 17.40% of the stock is owned by insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

A number of institutional investors have recently modified their holdings of PRCT. ANTIPODES PARTNERS Ltd purchased a new stake in PROCEPT BioRobotics in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in PROCEPT BioRobotics in the 1st quarter valued at $40,000. Vega Investment Solutions raised its position in PROCEPT BioRobotics by 52.0% in the 2nd quarter. Vega Investment Solutions now owns 775 shares of the company's stock valued at $45,000 after buying an additional 265 shares during the last quarter. CWM LLC raised its position in PROCEPT BioRobotics by 69.5% in the 1st quarter. CWM LLC now owns 873 shares of the company's stock valued at $51,000 after buying an additional 358 shares during the last quarter. Finally, AlphaQuest LLC raised its position in PROCEPT BioRobotics by 1,262.5% in the 2nd quarter. AlphaQuest LLC now owns 1,090 shares of the company's stock valued at $63,000 after buying an additional 1,010 shares during the last quarter. 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).

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