PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 7.1% – Here’s What Happened

Shares of PROCEPT BioRobotics Corporation (NASDAQ:PRCT) traded down 7.1% during trading on Friday . The company traded as low as $32.76 and last traded at $32.0470. 89,791 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 992,490 shares. The stock had previously closed at $34.48.

Analyst Ratings Changes

Several brokerages have issued reports on PRCT. Truist Financial lowered their price target on shares of PROCEPT BioRobotics from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, December 18th. Morgan Stanley decreased their price objective on PROCEPT BioRobotics from $56.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, December 2nd. UBS Group began coverage on PROCEPT BioRobotics in a report on Friday, December 12th. They set a “buy” rating and a $62.00 target price on the stock. Leerink Partners reissued an “outperform” rating and set a $55.00 price target on shares of PROCEPT BioRobotics in a research report on Wednesday, November 5th. Finally, TD Cowen lowered their price target on PROCEPT BioRobotics from $85.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.40.

PROCEPT BioRobotics Price Performance

The business has a fifty day moving average of $32.45 and a 200 day moving average of $39.98. The firm has a market cap of $1.86 billion, a P/E ratio of -21.76 and a beta of 0.99. The company has a quick ratio of 7.20, a current ratio of 8.44 and a debt-to-equity ratio of 0.14.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.03. The company had revenue of $83.33 million during the quarter, compared to analysts’ expectations of $80.78 million. PROCEPT BioRobotics had a negative return on equity of 21.72% and a negative net margin of 28.20%.The business’s revenue was up 42.6% on a year-over-year basis. During the same period last year, the firm posted ($0.40) earnings per share. On average, sell-side analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On PROCEPT BioRobotics

Institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. lifted its position in PROCEPT BioRobotics by 58.6% during the third quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after acquiring an additional 1,262,928 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of PROCEPT BioRobotics by 23.3% during the third quarter. Westfield Capital Management Co. LP now owns 1,970,147 shares of the company’s stock worth $70,315,000 after purchasing an additional 371,798 shares during the period. Chicago Capital LLC increased its stake in shares of PROCEPT BioRobotics by 175.7% during the third quarter. Chicago Capital LLC now owns 1,568,845 shares of the company’s stock worth $55,992,000 after purchasing an additional 999,873 shares during the period. Mackenzie Financial Corp lifted its holdings in PROCEPT BioRobotics by 105.2% during the 3rd quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock worth $51,909,000 after purchasing an additional 745,778 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its stake in PROCEPT BioRobotics by 34.3% in the 3rd quarter. Champlain Investment Partners LLC now owns 1,437,897 shares of the company’s stock valued at $51,319,000 after purchasing an additional 367,251 shares during the period. 89.46% of the stock is currently owned by institutional investors and hedge funds.

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.