PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 2.8% – Here’s What Happened

by · The Markets Daily

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT – Get Free Report) fell 2.8% on Friday . The stock traded as low as $76.99 and last traded at $76.60. 65,400 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 649,501 shares. The stock had previously closed at $78.84.

Analysts Set New Price Targets

A number of research analysts have commented on PRCT shares. Wells Fargo & Company reiterated an “overweight” rating and issued a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Jefferies Financial Group began coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They issued a “hold” rating and a $95.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up from $95.00) on shares of PROCEPT BioRobotics in a report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and issued a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Finally, Morgan Stanley started coverage on PROCEPT BioRobotics in a report on Monday, December 2nd. They issued an “overweight” rating and a $105.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, PROCEPT BioRobotics has a consensus rating of “Moderate Buy” and a consensus price target of $97.86.

Get Our Latest Research Report on PROCEPT BioRobotics

PROCEPT BioRobotics Trading Down 2.3 %

The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $4.02 billion, a P/E ratio of -39.50 and a beta of 1.05. The company has a fifty day simple moving average of $88.98 and a two-hundred day simple moving average of $78.78.

PROCEPT BioRobotics (NASDAQ:PRCT – Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09. The business had revenue of $58.40 million for the quarter, compared to analysts’ expectations of $53.30 million. PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm’s revenue was up 66.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.51) EPS. On average, 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 other news, CEO Reza Zadno sold 26,423 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $97.22, for a total value of $2,568,844.06. Following the completion of the transaction, the chief executive officer now directly owns 152,762 shares in the company, valued at approximately $14,851,521.64. The trade was a 14.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Antal Rohit Desai sold 34,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $95.39, for a total transaction of $3,243,260.00. Following the sale, the director now directly owns 164,363 shares of the company’s stock, valued at approximately $15,678,586.57. This trade represents a 17.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 462,816 shares of company stock valued at $43,008,799 in the last three months. 17.40% of the stock is currently owned by company insiders.

Institutional Trading of PROCEPT BioRobotics

Large investors have recently bought and sold shares of the business. Lord Abbett & CO. LLC grew its stake in PROCEPT BioRobotics by 45.3% during the third quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares during the period. Penserra Capital Management LLC acquired a new position in shares of PROCEPT BioRobotics during the 3rd quarter valued at $2,308,000. Principal Financial Group Inc. boosted its stake in PROCEPT BioRobotics by 290.2% during the third quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock worth $5,498,000 after acquiring an additional 51,030 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in PROCEPT BioRobotics in the third quarter worth $1,158,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in PROCEPT BioRobotics in the third quarter worth $1,081,000. 89.46% of the stock is currently owned by institutional investors and hedge funds.

PROCEPT BioRobotics Company Profile

(Get Free Report)

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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