PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 5.4% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) was down 5.4% during mid-day trading on Thursday . The stock traded as low as $22.57 and last traded at $22.1950. Approximately 204,454 shares changed hands during trading, a decline of 87% from the average daily volume of 1,562,593 shares. The stock had previously closed at $23.47.

Wall Street Analyst Weigh In

PRCT has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a report on Tuesday, April 21st. Robert W. Baird assumed coverage on PROCEPT BioRobotics in a report on Friday, March 6th. They issued a “neutral” rating and a $30.00 target price on the stock. Evercore began coverage on PROCEPT BioRobotics in a research report on Wednesday, June 24th. They set an “outperform” rating and a $30.00 price target for the company. Leerink Partners lowered PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $31.00 to $29.00 in a research note on Thursday, June 11th. Finally, Wall Street Zen upgraded PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $40.42.

PROCEPT BioRobotics Trading Down 7.8%

The business’s 50-day moving average is $25.20 and its two-hundred day moving average is $27.31. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.23 billion, a PE ratio of -11.95 and a beta of 0.88.

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

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its position in PROCEPT BioRobotics by 436.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock worth $29,000 after acquiring an additional 746 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in PROCEPT BioRobotics in the fourth quarter valued at approximately $40,000. US Bancorp DE raised its stake in shares of PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock valued at $60,000 after purchasing an additional 1,079 shares during the period. Cache Advisors LLC purchased a new stake in shares of PROCEPT BioRobotics during the first quarter valued at approximately $42,000. Finally, Lazard Asset Management LLC lifted its position in shares of PROCEPT BioRobotics by 90.7% during the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after purchasing an additional 810 shares in the last quarter. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

About PROCEPT BioRobotics

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.