PROCEPT BioRobotics (NASDAQ:PRCT) Shares Gap Down – Here’s Why

PROCEPT BioRobotics Co. (NASDAQ:PRCT) shares gapped down prior to trading 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 trading hands.

Analysts Set New Price Targets

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

PROCEPT BioRobotics Price Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02. The firm has a market cap of $3.99 billion, a price-to-earnings ratio of -39.21 and a beta of 1.05. The company’s fifty day moving average is $89.33 and its two-hundred day moving average is $78.78.

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

Insiders Place Their Bets

In other news, EVP Alaleh Nouri sold 28,092 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total value of $2,728,575.96. Following the completion of the sale, the executive vice president now owns 52,472 shares of the company’s stock, valued at approximately $5,096,605.36. The trade was a 34.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Reza Zadno sold 288,461 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 258,445 shares of the company’s stock, valued at $23,518,495. The trade was a 52.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 462,816 shares of company stock worth $43,008,799 in the last quarter. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC increased its position in shares of PROCEPT BioRobotics by 45.3% in the 3rd quarter. Lord Abbett & CO. LLC now owns 748,555 shares of the company’s stock worth $59,974,000 after purchasing an additional 233,430 shares during the last quarter. Penserra Capital Management LLC bought a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $2,308,000. Principal Financial Group Inc. grew its position in shares of PROCEPT BioRobotics by 290.2% during the 3rd quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock valued at $5,498,000 after buying an additional 51,030 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $1,158,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of PROCEPT BioRobotics during the 3rd quarter valued at about $1,081,000. 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).