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

PROCEPT BioRobotics Co. (NASDAQ:PRCT) shares gapped down before the market opened on Thursday . The stock had previously closed at $78.31, but opened at $76.19. PROCEPT BioRobotics shares last traded at $77.98, with a volume of 145,160 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRCT. Piper Sandler reissued an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a report on Tuesday, October 8th. Jefferies Financial Group initiated coverage on PROCEPT BioRobotics in a report on Thursday, November 14th. They set a “hold” rating and a $95.00 price objective for the company. Morgan Stanley initiated coverage on PROCEPT BioRobotics in a research note on Monday, December 2nd. They issued an “overweight” rating and a $105.00 target price on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $112.00 target price on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Finally, Truist Financial restated a “buy” rating and issued a $105.00 target price (up previously from $95.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.86.

PROCEPT BioRobotics Trading Down 3.6 %

The company has a quick ratio of 5.07, a current ratio of 6.02 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $88.52 and a 200 day moving average of $78.88. The firm has a market cap of $3.97 billion, a PE ratio of -38.98 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.09. PROCEPT BioRobotics had a negative return on equity of 38.57% and a negative net margin of 50.07%. The business had revenue of $58.40 million for the quarter, compared to the consensus estimate of $53.30 million. During the same quarter in the prior year, the business earned ($0.51) earnings per share. PROCEPT BioRobotics’s revenue for the quarter was up 66.4% on a year-over-year basis. Equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.75 earnings per share for the current year.

Insider Activity at PROCEPT BioRobotics

In other PROCEPT BioRobotics news, CEO Reza Zadno sold 288,461 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $91.00, for a total transaction of $26,249,951.00. Following the sale, the chief executive officer now owns 258,445 shares in the company, valued at $23,518,495. This represents a 52.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alaleh Nouri sold 28,092 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $97.13, for a total value of $2,728,575.96. Following the sale, the executive vice president now owns 52,472 shares in the company, valued at approximately $5,096,605.36. This represents a 34.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 462,816 shares of company stock worth $43,008,799. 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. Values First Advisors Inc. bought a new stake in PROCEPT BioRobotics during the third quarter valued at $27,000. Raleigh Capital Management Inc. bought a new stake in shares of PROCEPT BioRobotics during the 4th quarter valued at about $32,000. Wilmington Savings Fund Society FSB purchased a new position in shares of PROCEPT BioRobotics during the third quarter worth about $64,000. Canton Hathaway LLC bought a new position in shares of PROCEPT BioRobotics in the third quarter worth approximately $66,000. Finally, Nisa Investment Advisors LLC raised its stake in PROCEPT BioRobotics by 178.3% in the third quarter. Nisa Investment Advisors LLC now owns 1,113 shares of the company’s stock valued at $89,000 after purchasing an additional 713 shares in the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).