PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 7.2% – What’s Next?

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s stock price dropped 7.2% during trading on Monday . The stock traded as low as $55.19 and last traded at $55.71. Approximately 264,377 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 748,534 shares. The stock had previously closed at $60.05.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRCT. Wells Fargo & Company restated an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Truist Financial reiterated a “buy” rating and set a $90.00 price target (down previously from $105.00) on shares of PROCEPT BioRobotics in a report on Wednesday, February 26th. Finally, Morgan Stanley cut their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.29.

PROCEPT BioRobotics Trading Down 4.8 %

The stock has a 50 day moving average price of $65.34 and a 200-day moving average price of $77.82. The company has a current ratio of 6.02, a quick ratio of 5.07 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $3.13 billion, a PE ratio of -28.97 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The firm had revenue of $68.24 million for the quarter, compared to analysts’ expectations of $66.79 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. Sell-side analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current year.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, CFO Kevin Waters sold 733 shares of PROCEPT BioRobotics stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total value of $41,824.98. Following the sale, the chief financial officer now owns 107,991 shares of the company’s stock, valued at approximately $6,161,966.46. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Reza Zadno sold 5,475 shares of PROCEPT BioRobotics stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $312,403.50. Following the sale, the chief executive officer now directly owns 173,070 shares in the company, valued at approximately $9,875,374.20. This trade represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,455 shares of company stock worth $368,322 over the last quarter. Insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Institutional investors have recently modified their holdings of the company. Raleigh Capital Management Inc. purchased a new position in PROCEPT BioRobotics in the fourth quarter valued at approximately $32,000. Thematics Asset Management acquired a new position in PROCEPT BioRobotics during the fourth quarter worth about $46,000. Signaturefd LLC raised its holdings in PROCEPT BioRobotics by 26.7% during the fourth quarter. Signaturefd LLC now owns 689 shares of the company’s stock worth $55,000 after purchasing an additional 145 shares during the last quarter. IFP Advisors Inc purchased a new position in PROCEPT BioRobotics during the 4th quarter valued at about $58,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in PROCEPT BioRobotics in the 3rd quarter valued at approximately $64,000. 89.46% of the stock is owned by institutional investors and hedge funds.

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).