PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 7.3%

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s share price traded down 7.3% during trading on Tuesday . The company traded as low as $74.15 and last traded at $74.29. 184,402 shares traded hands during trading, a decline of 69% from the average session volume of 589,301 shares. The stock had previously closed at $80.12.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRCT. Bank of America boosted their price target on shares of PROCEPT BioRobotics from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, August 22nd. TD Cowen increased their price target on shares of PROCEPT BioRobotics from $75.00 to $99.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Truist Financial lifted their price target on shares of PROCEPT BioRobotics from $74.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, Wells Fargo & Company increased their price target on PROCEPT BioRobotics from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, PROCEPT BioRobotics presently has a consensus rating of “Buy” and a consensus price target of $78.17.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.49 and a current ratio of 7.51. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -34.95 and a beta of 1.03. The firm has a 50-day simple moving average of $72.57 and a two-hundred day simple moving average of $64.07.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.02. The firm had revenue of $53.35 million during the quarter, compared to analysts’ expectations of $50.10 million. PROCEPT BioRobotics had a negative net margin of 58.73% and a negative return on equity of 37.85%. The business’s quarterly revenue was up 61.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.56) earnings per share. On average, sell-side analysts anticipate that PROCEPT BioRobotics Co. will post -1.88 EPS for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $82.51, for a total transaction of $2,062,750.00. Following the sale, the chief financial officer now owns 96,096 shares in the company, valued at approximately $7,928,880.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other PROCEPT BioRobotics news, CFO Kevin Waters sold 25,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $82.51, for a total value of $2,062,750.00. Following the sale, the chief financial officer now directly owns 96,096 shares of the company’s stock, valued at approximately $7,928,880.96. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Antal Rohit Desai sold 44,867 shares of PROCEPT BioRobotics stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $80.11, for a total transaction of $3,594,295.37. Following the sale, the director now directly owns 197,453 shares of the company’s stock, valued at $15,817,959.83. The disclosure for this sale can be found here. Over the last three months, insiders sold 154,892 shares of company stock worth $12,134,665. Company insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Mark Sheptoff Financial Planning LLC purchased a new position in PROCEPT BioRobotics in the second quarter valued at approximately $36,000. Quest Partners LLC grew its position in shares of PROCEPT BioRobotics by 2,492.3% in the 2nd quarter. Quest Partners LLC now owns 674 shares of the company’s stock valued at $41,000 after buying an additional 648 shares during the last quarter. Fairman Group LLC acquired a new stake in PROCEPT BioRobotics during the 4th quarter worth $84,000. Canada Pension Plan Investment Board acquired a new stake in PROCEPT BioRobotics during the 2nd quarter worth $128,000. Finally, RiverPark Advisors LLC purchased a new stake in PROCEPT BioRobotics in the second quarter valued at $135,000. Institutional investors and hedge funds own 89.46% of the company’s stock.

About PROCEPT BioRobotics

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).