PROCEPT BioRobotics (NASDAQ:PRCT) Stock Price Down 5.4% – Here’s Why

PROCEPT BioRobotics Corporation (NASDAQ:PRCT) shares fell 5.4% on Thursday . The company traded as low as $22.57 and last traded at $22.1950. 204,454 shares traded hands during trading, a decline of 87% from the average session volume of 1,562,593 shares. The stock had previously closed at $23.47.

Analyst Ratings Changes

A number of brokerages have commented on PRCT. Leerink Partners lowered shares of PROCEPT BioRobotics from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $31.00 to $29.00 in a report on Thursday, June 11th. Wall Street Zen upgraded PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Tuesday, April 21st. Evercore initiated coverage on PROCEPT BioRobotics in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $30.00 price target on the stock. Finally, Piper Sandler reiterated an “overweight” rating and issued a $35.00 price target (up from $28.00) on shares of PROCEPT BioRobotics in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, PROCEPT BioRobotics has a consensus rating of “Hold” and a consensus target price of $40.42.

PROCEPT BioRobotics Price Performance

The company has a market cap of $1.23 billion, a P/E ratio of -11.95 and a beta of 0.88. The company’s 50-day moving average price is $25.20 and its two-hundred day moving average price is $27.31. The company has a current ratio of 6.73, a quick ratio of 5.51 and a debt-to-equity ratio of 0.15.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PRCT. Caitong International Asset Management Co. Ltd grew its position in shares of PROCEPT BioRobotics by 436.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 917 shares of the company’s stock worth $29,000 after acquiring an additional 746 shares in the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of PROCEPT BioRobotics during the 4th quarter valued at approximately $40,000. US Bancorp DE lifted its stake in PROCEPT BioRobotics by 175.7% during the third quarter. US Bancorp DE now owns 1,693 shares of the company’s stock worth $60,000 after purchasing an additional 1,079 shares during the last quarter. Cache Advisors LLC bought a new position in PROCEPT BioRobotics during the first quarter worth $42,000. Finally, Lazard Asset Management LLC boosted its holdings in PROCEPT BioRobotics by 90.7% in the second quarter. Lazard Asset Management LLC now owns 1,703 shares of the company’s stock worth $98,000 after purchasing an additional 810 shares during the period. Institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

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.