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

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 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

A number of equities research analysts have weighed in on PRCT shares. UBS Group initiated coverage on PROCEPT BioRobotics in a research report on Friday, December 12th. They issued a “buy” rating and a $62.00 target price for the company. Jefferies Financial Group raised PROCEPT BioRobotics from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 12th. Truist Financial decreased their target price on PROCEPT BioRobotics from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $50.00 target price (down from $55.00) on shares of PROCEPT BioRobotics in a report on Wednesday, November 5th. Finally, Bank of America reissued a “neutral” rating and issued a $38.00 price target (down from $55.00) on shares of PROCEPT BioRobotics in a report on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PROCEPT BioRobotics currently has an average rating of “Moderate Buy” and an average price target of $53.40.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 8.44 and a quick ratio of 7.20. The firm has a market capitalization of $1.83 billion, a PE ratio of -21.46 and a beta of 0.99. The firm has a fifty day moving average price of $32.43 and a 200 day moving average price of $39.67.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.03. PROCEPT BioRobotics had a negative return on equity of 21.72% and a negative net margin of 28.20%.The firm had revenue of $83.33 million for the quarter, compared to the consensus estimate of $80.78 million. During the same quarter in the previous year, the company earned ($0.40) EPS. The business’s revenue for the quarter was up 42.6% compared to the same quarter last year. Research analysts anticipate that PROCEPT BioRobotics Corporation will post -1.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PROCEPT BioRobotics

Several hedge funds have recently made changes to their positions in PRCT. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in PROCEPT BioRobotics during the second quarter valued at $5,892,000. Lisanti Capital Growth LLC purchased a new stake in shares of PROCEPT BioRobotics during the 2nd quarter worth about $2,532,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of PROCEPT BioRobotics by 109.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 159,874 shares of the company’s stock worth $9,209,000 after purchasing an additional 83,498 shares in the last quarter. Candriam S.C.A. lifted its holdings in shares of PROCEPT BioRobotics by 104.8% during the 2nd quarter. Candriam S.C.A. now owns 63,125 shares of the company’s stock valued at $3,636,000 after buying an additional 32,301 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in shares of PROCEPT BioRobotics by 5.7% in the 2nd quarter. Blair William & Co. IL now owns 497,205 shares of the company’s stock valued at $28,639,000 after buying an additional 26,919 shares in the last quarter. 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.