PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 5.4% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price was down 5.4% on Thursday . The company traded as low as $22.57 and last traded at $22.1950. Approximately 204,454 shares changed hands during trading, a decline of 87% from the average session volume of 1,562,593 shares. The stock had previously closed at $23.47.

Wall Street Analyst Weigh In

PRCT has been the topic of several research reports. Robert W. Baird began coverage on shares of PROCEPT BioRobotics in a research note on Friday, March 6th. They set a “neutral” rating and a $30.00 price objective on the stock. Leerink Partners downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $31.00 to $29.00 in a research note on Thursday, June 11th. Evercore started coverage on PROCEPT BioRobotics in a report on Wednesday, June 24th. They set an “outperform” rating and a $30.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $35.00 price target (up from $28.00) on shares of PROCEPT BioRobotics in a research report on Thursday, April 30th. Finally, Citigroup downgraded PROCEPT BioRobotics to a “hold” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of “Hold” and an average target price of $40.00.

PROCEPT BioRobotics Price Performance

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -11.55 and a beta of 0.87. The stock has a 50-day simple moving average of $25.05 and a 200-day simple moving average of $27.16. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15.

PROCEPT BioRobotics (NASDAQ:PRCT) last issued its quarterly earnings results on Wednesday, April 29th. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.01). PROCEPT BioRobotics had a negative net margin of 31.82% and a negative return on equity of 27.70%. The business had revenue of $83.13 million for the quarter, compared to analyst estimates of $80.52 million. During the same period last year, the business posted ($0.45) earnings per share. PROCEPT BioRobotics’s revenue for the quarter was up 20.1% on a year-over-year basis. As a group, analysts predict that PROCEPT BioRobotics Corporation will post -1.53 EPS for the current year.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors have recently made changes to their positions in PRCT. Prosight Management LP boosted its holdings in shares of PROCEPT BioRobotics by 1,692.4% in the fourth quarter. Prosight Management LP now owns 1,380,000 shares of the company’s stock valued at $43,415,000 after acquiring an additional 1,303,009 shares in the last quarter. Alliancebernstein L.P. raised its holdings in PROCEPT BioRobotics by 58.6% during the third quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after purchasing an additional 1,262,928 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in PROCEPT BioRobotics by 59.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock worth $102,919,000 after purchasing an additional 1,218,815 shares during the period. ArrowMark Colorado Holdings LLC lifted its position in PROCEPT BioRobotics by 229.7% in the third quarter. ArrowMark Colorado Holdings LLC now owns 1,128,288 shares of the company’s stock worth $40,269,000 after purchasing an additional 786,094 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in PROCEPT BioRobotics by 105.2% during the 3rd quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock valued at $51,909,000 after purchasing an additional 745,778 shares in the last quarter. 89.46% of the stock is owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

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.