PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 7.2% – Here’s Why

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

Analyst Ratings Changes

A number of equities analysts have commented on the company. Morgan Stanley lowered their price objective on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Truist Financial restated a “buy” rating and issued a $90.00 price target (down previously from $105.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $112.00 price target on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.29.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The stock has a market cap of $3.13 billion, a P/E ratio of -29.28 and a beta of 1.05. The stock has a 50-day simple moving average of $64.98 and a 200-day simple moving average of $77.66.

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

Insiders Place Their Bets

In other news, CFO Kevin Waters sold 733 shares of the business’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total transaction of $41,824.98. Following the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at approximately $6,161,966.46. The trade was a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Reza Zadno sold 5,475 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $57.06, for a total transaction of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares of the company’s stock, 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 sold a total of 6,455 shares of company stock valued at $368,322 in the last 90 days. Corporate insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

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

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).