PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 5.8% – Here’s What Happened

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price was down 5.8% during mid-day trading on Wednesday . The company traded as low as $20.81 and last traded at $20.8280. 1,302,368 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 1,551,315 shares. The stock had previously closed at $22.10.

Analyst Ratings Changes

Several analysts recently commented on PRCT shares. TD Cowen dropped their price target on PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Tuesday, April 21st. Wells Fargo & Company lowered their target price on shares of PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. Leerink Partners downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research report on Thursday, June 11th. Finally, Piper Sandler reissued an “overweight” rating and set a $35.00 price objective (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $41.36.

PROCEPT BioRobotics Price Performance

The stock has a 50-day simple moving average of $25.65 and a 200 day simple moving average of $28.07. The company has a market cap of $1.24 billion, a PE ratio of -11.93 and a beta of 0.85. The company has a quick ratio of 5.51, a current ratio of 6.73 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). The business had revenue of $83.13 million for the quarter, compared to analysts’ expectations of $80.52 million. PROCEPT BioRobotics had a negative return on equity of 27.70% and a negative net margin of 31.82%.The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.45) earnings per share. Equities analysts expect that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PRCT. DNB Asset Management AS acquired a new stake in shares of PROCEPT BioRobotics during the third quarter worth about $1,132,000. SG Americas Securities LLC grew its holdings in shares of PROCEPT BioRobotics by 142.0% in the fourth quarter. SG Americas Securities LLC now owns 84,294 shares of the company’s stock valued at $2,652,000 after purchasing an additional 49,457 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of PROCEPT BioRobotics by 18.3% in the fourth quarter. Baillie Gifford & Co. now owns 1,015,978 shares of the company’s stock valued at $31,963,000 after purchasing an additional 157,147 shares in the last quarter. Prosight Management LP purchased a new stake in PROCEPT BioRobotics during the 3rd quarter worth approximately $2,748,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new stake in PROCEPT BioRobotics during the 4th quarter worth approximately $1,864,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics, Inc is a medical device company specializing in the development and commercialization of robotic systems for the treatment of benign prostatic hyperplasia (BPH). The company’s technology leverages precision robotics and real-time imaging to perform minimally invasive procedures, aiming to reduce patient recovery time and improve clinical outcomes compared to traditional surgical approaches.

The company’s flagship product, the AquaBeam Robotic System, uses a high-velocity waterjet to selectively remove prostate tissue while preserving surrounding healthy structures.