PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 2.8% – What’s Next?

PROCEPT BioRobotics Co. (NASDAQ:PRCT) was down 2.8% on Friday . The stock traded as low as $76.99 and last traded at $76.60. Approximately 65,400 shares traded hands during trading, a decline of 90% from the average daily volume of 649,501 shares. The stock had previously closed at $78.84.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Jefferies Financial Group assumed coverage on PROCEPT BioRobotics in a research report on Thursday, November 14th. They set a “hold” rating and a $95.00 price target on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and set a $112.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Truist Financial reaffirmed a “buy” rating and set a $105.00 price target (up previously from $95.00) on shares of PROCEPT BioRobotics in a research report on Wednesday, October 30th. Finally, Morgan Stanley assumed coverage on PROCEPT BioRobotics in a research report on Monday, December 2nd. They set an “overweight” rating and a $105.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.86.

PROCEPT BioRobotics Stock Performance

The firm has a market cap of $3.97 billion, a price-to-earnings ratio of -38.98 and a beta of 1.05. The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $88.52 and a 200-day moving average price of $78.99.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business had revenue of $58.40 million for the quarter, compared to analyst estimates of $53.30 million. During the same quarter in the previous year, the company posted ($0.51) earnings per share. The company’s revenue for the quarter was up 66.4% compared to the same quarter last year. On average, analysts expect that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current fiscal year.

Insider Activity at PROCEPT BioRobotics

In related news, CEO Reza Zadno sold 288,461 shares of PROCEPT BioRobotics stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total value of $26,249,951.00. Following the sale, the chief executive officer now directly owns 258,445 shares in the company, valued at $23,518,495. The trade was a 52.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Antal Rohit Desai sold 34,000 shares of PROCEPT BioRobotics stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $95.39, for a total value of $3,243,260.00. Following the completion of the sale, the director now owns 164,363 shares in the company, valued at approximately $15,678,586.57. This trade represents a 17.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 462,816 shares of company stock worth $43,008,799 over the last three months. 17.40% of the stock is currently owned by corporate insiders.

Institutional Trading of PROCEPT BioRobotics

A number of institutional investors have recently bought and sold shares of PRCT. Westfield Capital Management Co. LP purchased a new stake in PROCEPT BioRobotics during the third quarter worth $72,563,000. Perpetual Ltd purchased a new stake in PROCEPT BioRobotics during the fourth quarter worth $66,972,000. Franklin Resources Inc. boosted its position in PROCEPT BioRobotics by 64.5% during the third quarter. Franklin Resources Inc. now owns 885,992 shares of the company’s stock worth $64,669,000 after purchasing an additional 347,330 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in PROCEPT BioRobotics by 45.3% during the third quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares in the last quarter. Finally, Transatlantique Private Wealth LLC purchased a new stake in PROCEPT BioRobotics during the second quarter worth $9,164,000. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

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).