PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 6.8% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s share price dropped 6.8% on Thursday. The stock traded as low as $17.16 and last traded at $16.9850. Approximately 496,401 shares traded hands during trading, a decline of 68% from the average session volume of 1,535,753 shares. The stock had previously closed at $18.22.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Evercore set a $23.00 price objective on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. TD Cowen lowered their price target on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. UBS Group lowered PROCEPT BioRobotics from a “buy” rating to a “neutral” rating and set a $20.00 price target for the company. in a research note on Tuesday, July 28th. Wells Fargo & Company cut PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 price objective for the company. in a report on Wednesday, August 5th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $20.00 price objective on shares of PROCEPT BioRobotics in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $25.09.

PROCEPT BioRobotics Stock Up 0.8%

The stock’s fifty day moving average is $19.96 and its 200 day moving average is $22.68. The company has a current ratio of 6.55, a quick ratio of 5.35 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $982.75 million, a P/E ratio of -8.85 and a beta of 0.92.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.01). The firm had revenue of $94.50 million during the quarter, compared to the consensus estimate of $92.77 million. PROCEPT BioRobotics had a negative return on equity of 30.62% and a negative net margin of 32.53%.PROCEPT BioRobotics’s revenue was up 19.3% on a year-over-year basis. During the same period last year, the business earned ($0.35) EPS. Research analysts predict that PROCEPT BioRobotics Corporation will post -1.67 EPS for the current fiscal year.

Insider Transactions at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Larry Wood purchased 23,900 shares of the stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $20.85 per share, with a total value of $498,315.00. Following the transaction, the chief executive officer directly owned 23,900 shares of the company’s stock, valued at approximately $498,315. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 1,043 shares of company stock worth $21,851. 4.00% of the stock is owned by insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Large investors have recently made changes to their positions in the business. Versant Capital Management Inc increased its stake in shares of PROCEPT BioRobotics by 994.5% during the second quarter. Versant Capital Management Inc now owns 1,193 shares of the company’s stock valued at $27,000 after buying an additional 1,084 shares during the period. Nykredit A S purchased a new stake in PROCEPT BioRobotics in the second quarter worth $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in PROCEPT BioRobotics by 570.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,146 shares of the company’s stock valued at $36,000 after acquiring an additional 975 shares in the last quarter. Cache Advisors LLC bought a new stake in PROCEPT BioRobotics in the first quarter valued at $42,000. Finally, Essential Partners LLC increased its position in PROCEPT BioRobotics by 7,071.4% during the 1st quarter. Essential Partners LLC now owns 2,008 shares of the company’s stock valued at $50,000 after purchasing an additional 1,980 shares during the period. 89.46% of the stock is currently owned by institutional investors.

About PROCEPT BioRobotics

PROCEPT BioRobotics Corp. is a medical technology company focused on developing and commercializing robotic and image-guided systems for urologic procedures. The company’s primary focus is benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

PROCEPT’s flagship technology is Aquablation therapy, a minimally invasive, robotically controlled treatment that uses a high-velocity waterjet to remove prostate tissue. The therapy is delivered through the company’s AquaBeam Robotic System, which combines real-time imaging, surgical planning and robotic control to assist physicians during prostate procedures.