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

PROCEPT BioRobotics Corporation (NASDAQ:PRCT - Get Free Report) was down 4.7% 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 were traded during trading, a decline of 58% from the average daily volume of 844,180 shares. The stock had previously closed at $58.17.

Several other analysts also recently issued reports on PRCT. Stephens began coverage on shares of PROCEPT BioRobotics in a report on Wednesday, July 9th. They set an "overweight" rating and a $70.00 price objective for the company. Wall Street Zen downgraded PROCEPT BioRobotics from a "hold" rating to a "sell" rating in a research report on Saturday. Oppenheimer started coverage on shares of PROCEPT BioRobotics in a research note on Monday, July 7th. They issued a "market perform" rating for the company. Bank of America cut their price objective on PROCEPT BioRobotics from $104.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Finally, Truist Financial dropped their price objective on shares of PROCEPT BioRobotics from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $84.13.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, Director Antal Rohit Desai sold 25,000 shares of PROCEPT BioRobotics stock in a transaction on 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 completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 100,000 shares of company stock valued at $6,271,250 in the last 90 days. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Diversified Trust Co boosted its holdings in PROCEPT BioRobotics by 66.2% in the 2nd quarter. Diversified Trust Co now owns 11,947 shares of the company's stock valued at $688,000 after purchasing an additional 4,760 shares during the period. Mirador Capital Partners LP bought a new stake in shares of PROCEPT BioRobotics in the second quarter valued at approximately $431,000. Harbor Capital Advisors Inc. acquired a new position in PROCEPT BioRobotics in the 2nd quarter valued at $2,413,000. Militia Capital Partners LP acquired a new stake in shares of PROCEPT BioRobotics during the 1st quarter worth $816,000. Finally, Osterweis Capital Management Inc. increased its position 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 purchasing an additional 85,990 shares during the period. Institutional investors and hedge funds own 89.46% of the company's stock.

PROCEPT BioRobotics Stock Performance

The stock has a 50 day moving average of $58.29 and a 200 day moving average of $62.60. 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 firm has a market cap of $3.14 billion, a price-to-earnings ratio of -33.43 and a beta of 1.07.

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

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).

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