PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 8.5% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price dropped 8.5% during mid-day trading on Wednesday . The stock traded as low as $26.41 and last traded at $26.2630. Approximately 1,929,051 shares were traded during trading, an increase of 23% from the average daily volume of 1,563,391 shares. The stock had previously closed at $28.69.

Wall Street Analyst Weigh In

PRCT has been the topic of several recent analyst reports. TD Cowen reduced their target price on PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Robert W. Baird initiated coverage on PROCEPT BioRobotics in a research report on Friday, March 6th. They set a “neutral” rating and a $30.00 target price on the stock. Wells Fargo & Company reduced their target price on PROCEPT BioRobotics from $51.00 to $34.00 and set an “overweight” rating on the stock in a research report on Thursday, February 26th. Leerink Partners dropped their price target on PROCEPT BioRobotics from $55.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, February 26th. Finally, Bank of America downgraded PROCEPT BioRobotics from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $38.00 to $20.00 in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.45.

PROCEPT BioRobotics Trading Down 1.0%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.51 and a current ratio of 6.73. The company has a 50 day simple moving average of $25.18 and a two-hundred day simple moving average of $29.00. The firm has a market cap of $1.49 billion, a PE ratio of -14.35 and a beta of 0.83.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.01). The firm had revenue of $83.13 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.45) EPS. Analysts expect that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling at PROCEPT BioRobotics

In other news, EVP Kevin Waters sold 6,721 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.70, for a total value of $159,287.70. Following the sale, the executive vice president owned 152,264 shares in the company, valued at $3,608,656.80. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Antal Rohit Desai bought 98,699 shares of the stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $24.55 per share, for a total transaction of $2,423,060.45. Following the purchase, the director directly owned 426,262 shares of the company’s stock, valued at approximately $10,464,732.10. The trade was a 30.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 426,262 shares of company stock worth $10,483,091 and have sold 23,229 shares worth $573,466. Company insiders own 6.60% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

A number of hedge funds have recently modified their holdings of the stock. Entropy Technologies LP boosted its stake in shares of PROCEPT BioRobotics by 17.2% in the first quarter. Entropy Technologies LP now owns 10,515 shares of the company’s stock worth $263,000 after buying an additional 1,544 shares during the last quarter. Sei Investments Co. boosted its stake in shares of PROCEPT BioRobotics by 9.8% in the first quarter. Sei Investments Co. now owns 77,887 shares of the company’s stock worth $1,948,000 after buying an additional 6,937 shares during the last quarter. Militia Capital Management LLC purchased a new stake in shares of PROCEPT BioRobotics in the first quarter worth about $863,000. Parallel Advisors LLC boosted its stake in shares of PROCEPT BioRobotics by 445.3% in the first quarter. Parallel Advisors LLC now owns 2,950 shares of the company’s stock worth $74,000 after buying an additional 2,409 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of PROCEPT BioRobotics by 204.9% in the first quarter. Assetmark Inc. now owns 24,118 shares of the company’s stock worth $603,000 after buying an additional 16,208 shares during the last quarter. 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.