PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 5.8% – What’s Next?

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) dropped 5.8% during trading on Wednesday . The stock traded as low as $20.81 and last traded at $20.8280. Approximately 1,302,368 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 1,551,315 shares. The stock had previously closed at $22.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PRCT shares. Robert W. Baird started coverage on shares of PROCEPT BioRobotics in a research report on Friday, March 6th. They issued a “neutral” rating and a $30.00 price objective for the company. Oppenheimer reaffirmed a “market perform” rating on shares of PROCEPT BioRobotics in a report on Thursday, February 26th. TD Cowen dropped their price target on PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Leerink Partners downgraded PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $31.00 to $29.00 in a research note on Thursday, June 11th. Finally, Jefferies Financial Group cut PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.36.

PROCEPT BioRobotics Price Performance

The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.19 billion, a PE ratio of -11.49 and a beta of 0.85. The business has a 50-day moving average price of $25.74 and a 200 day moving average price of $28.22.

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

Insider Activity

In related news, EVP Alaleh Nouri sold 5,363 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $25.96, for a total transaction of $139,223.48. Following the sale, the executive vice president directly owned 105,354 shares in the company, valued at approximately $2,734,989.84. This represents a 4.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 6,363 shares of company stock valued at $167,703 over the last 90 days. Insiders own 17.40% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several institutional investors have recently made changes to their positions in PRCT. DNB Asset Management AS purchased a new stake in PROCEPT BioRobotics during the 3rd quarter worth about $1,132,000. SG Americas Securities LLC grew its holdings in PROCEPT BioRobotics by 142.0% during the 4th quarter. SG Americas Securities LLC now owns 84,294 shares of the company’s stock valued at $2,652,000 after buying an additional 49,457 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of PROCEPT BioRobotics by 18.3% during the fourth quarter. Baillie Gifford & Co. now owns 1,015,978 shares of the company’s stock valued at $31,963,000 after buying an additional 157,147 shares during the period. Prosight Management LP bought a new stake in shares of PROCEPT BioRobotics during the third quarter valued at about $2,748,000. Finally, B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of PROCEPT BioRobotics in the fourth quarter worth about $1,864,000. Hedge funds and other institutional investors own 89.46% of the company’s stock.

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.