PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 4.7% Following Analyst Downgrade

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s share price dropped 4.7% during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $71.00 to $68.00. Morgan Stanley currently has an overweight rating on the stock. PROCEPT BioRobotics traded as low as $54.65 and last traded at $55.45. Approximately 352,268 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 844,180 shares. The stock had previously closed at $58.17.

PRCT has been the subject of a number of other reports. Oppenheimer assumed coverage on PROCEPT BioRobotics in a research report on Monday, July 7th. They issued a “market perform” rating for the company. Truist Financial cut their price objective on PROCEPT BioRobotics from $90.00 to $70.00 and set a “buy” rating for the company in a report on Friday, April 11th. Stephens started coverage on PROCEPT BioRobotics in a research note on Wednesday, July 9th. They set an “overweight” rating and a $70.00 target price for the company. Wall Street Zen cut shares of PROCEPT BioRobotics from a “hold” rating to a “sell” rating in a research report on Saturday, July 12th. Finally, Bank of America reduced their price objective on shares of PROCEPT BioRobotics from $104.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.13.

Insider Activity

In other news, Director Antal Rohit Desai sold 25,000 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $61.49, for a total transaction of $1,537,250.00. Following the completion of the sale, the director directly owned 14,363 shares of the company’s stock, valued at $883,180.87. This represents a 63.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 100,000 shares of company stock valued at $6,271,250. Insiders own 6.60% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Several institutional investors and hedge funds have recently bought and sold shares of PRCT. ANTIPODES PARTNERS Ltd purchased a new position in shares of PROCEPT BioRobotics in the first quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in PROCEPT BioRobotics in the 1st quarter worth approximately $40,000. Thematics Asset Management purchased a new position in PROCEPT BioRobotics during the 4th quarter worth approximately $46,000. CWM LLC raised its stake in PROCEPT BioRobotics by 69.5% during the 1st quarter. CWM LLC now owns 873 shares of the company’s stock valued at $51,000 after purchasing an additional 358 shares during the period. Finally, Signaturefd LLC raised its stake in PROCEPT BioRobotics by 26.7% during the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock valued at $55,000 after purchasing an additional 145 shares during the period. Institutional investors and hedge funds own 89.46% of the company’s stock.

PROCEPT BioRobotics Price Performance

The company has a market cap of $3.16 billion, a PE ratio of -33.55 and a beta of 1.07. The stock has a fifty day moving average price of $58.54 and a 200-day moving average price of $62.37. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.95 and a quick ratio of 7.75.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Thursday, April 24th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.04. The company had revenue of $69.16 million for the quarter, compared to analysts’ expectations of $65.39 million. PROCEPT BioRobotics had a negative return on equity of 28.09% and a negative net margin of 36.20%. The business’s revenue for the quarter was up 55.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.51) EPS. On average, equities analysts expect that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

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).