PROCEPT BioRobotics (NASDAQ:PRCT) Stock Falls 6.8% – Should You Sell?

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRCT shares. Wells Fargo & Company lowered shares of PROCEPT BioRobotics from an “overweight” rating to an “equal weight” rating and set a $19.00 target price on the stock. in a research note on Wednesday, August 5th. TD Cowen lowered their target price on PROCEPT BioRobotics from $34.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Jefferies Financial Group restated a “hold” rating and set a $20.00 price target on shares of PROCEPT BioRobotics in a report on Wednesday, August 5th. Citigroup cut shares of PROCEPT BioRobotics to a “hold” rating in a report on Thursday, July 2nd. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $25.09.

PROCEPT BioRobotics Trading Down 6.9%

The company has a debt-to-equity ratio of 0.15, a quick ratio of 5.35 and a current ratio of 6.55. The firm has a market capitalization of $971.87 million, a PE ratio of -8.75 and a beta of 0.91. The company’s 50-day moving average price is $19.96 and its 200-day moving average price is $22.79.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its earnings results on Tuesday, August 4th. The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.01). The business had revenue of $94.50 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.35) EPS. On average, sell-side analysts expect that PROCEPT BioRobotics Corporation will post -1.67 earnings per share for the current year.

Insider Activity

In other news, CEO Larry Wood acquired 23,900 shares of PROCEPT BioRobotics stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $20.85 per share, with a total value of $498,315.00. Following the completion of the acquisition, the chief executive officer owned 23,900 shares in the company, valued at $498,315. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 1,043 shares of company stock worth $21,851. 4.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of PROCEPT BioRobotics in the 2nd quarter valued at about $109,961,000. Wellington Management Group LLP raised its holdings in PROCEPT BioRobotics by 47.9% in the second quarter. Wellington Management Group LLP now owns 1,274,004 shares of the company’s stock valued at $28,767,000 after acquiring an additional 412,399 shares in the last quarter. Jupiter Topco LLC bought a new stake in PROCEPT BioRobotics during the second quarter valued at $24,914,000. William Blair Investment Management LLC acquired a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth approximately $16,020,000. Finally, Bank of America Corp DE increased its position in PROCEPT BioRobotics by 46.3% in the 1st quarter. Bank of America Corp DE now owns 630,689 shares of the company’s stock valued at $15,774,000 after acquiring an additional 199,484 shares during the period. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation is a medical technology company focused on developing and commercializing robotic solutions for urologic care. The company’s primary focus is the treatment of benign prostatic hyperplasia (BPH), a noncancerous enlargement of the prostate that can cause urinary symptoms.

Its flagship product is the AQUABEAM Robotic System, which uses image guidance, robotics, and high-velocity waterjet technology to remove targeted prostate tissue without the use of a traditional cutting instrument.