PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 4.7% After Analyst Downgrade

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) dropped 4.7% during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $71.00 to $68.00. Morgan Stanley currently has an overweight rating on the stock. PROCEPT BioRobotics traded as low as $54.65 and last traded at $55.45. Approximately 352,268 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 844,180 shares. The stock had previously closed at $58.17.

Several other brokerages have also commented on PRCT. Wall Street Zen lowered shares of PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Oppenheimer assumed coverage on shares of PROCEPT BioRobotics in a report on Monday, July 7th. They issued a "market perform" rating for the company. Stephens assumed coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They issued an "overweight" rating and a $70.00 price target for the company. Truist Financial cut their price target on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Bank of America cut their price target 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, PROCEPT BioRobotics currently has a consensus rating of "Moderate Buy" and an average price target of $84.13.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, Director Antal Rohit Desai sold 25,000 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the transaction, the director owned 14,363 shares of the company's stock, valued at approximately $883,180.87. The trade was a 63.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 100,000 shares of company stock worth $6,271,250. Insiders own 6.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC boosted its position in shares of PROCEPT BioRobotics by 26.7% during the 4th quarter. Signaturefd LLC now owns 689 shares of the company's stock valued at $55,000 after acquiring an additional 145 shares during the last quarter. Ensign Peak Advisors Inc lifted its position 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 buying an additional 150 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in PROCEPT BioRobotics by 32.5% in the first quarter. Nisa Investment Advisors LLC now owns 1,100 shares of the company's stock valued at $64,000 after buying an additional 270 shares during the last quarter. CWM LLC lifted its position in PROCEPT BioRobotics by 69.5% in the first 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, Xponance Inc. lifted its position in PROCEPT BioRobotics by 14.2% in the fourth quarter. Xponance Inc. now owns 3,162 shares of the company's stock valued at $255,000 after buying an additional 394 shares during the last quarter. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Price Performance

The stock's 50-day simple moving average is $58.73 and its 200 day simple moving average is $62.06. 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 $3.23 billion, a price-to-earnings ratio of -34.32 and a beta of 1.07.

PROCEPT BioRobotics (NASDAQ:PRCT - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported ($0.45) EPS for the quarter, beating analysts' consensus estimates of ($0.49) by $0.04. PROCEPT BioRobotics had a negative net margin of 36.20% and a negative return on equity of 28.09%. The company had revenue of $69.16 million for the quarter, compared to analysts' expectations of $65.39 million. During the same quarter in the prior year, the company posted ($0.51) earnings per share. PROCEPT BioRobotics's revenue for the quarter was up 55.5% compared to the same quarter last year. On average, equities research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 EPS for the current fiscal year.

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).