PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 8.6% on Analyst Downgrade

PROCEPT BioRobotics Corporation (NASDAQ:PRCT)’s stock price fell 8.6% on Thursday after Leerink Partners downgraded the stock from an outperform rating to a market perform rating. Leerink Partners now has a $29.00 price target on the stock. PROCEPT BioRobotics traded as low as $25.59 and last traded at $26.5880. 480,150 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,503,238 shares. The stock had previously closed at $29.09.

Other research analysts have also issued research reports about the company. Jefferies Financial Group lowered PROCEPT BioRobotics from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Piper Sandler reiterated an “overweight” rating and set a $35.00 target price (up from $28.00) on shares of PROCEPT BioRobotics in a research report on Thursday, April 30th. Wall Street Zen raised shares of PROCEPT BioRobotics from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. TD Cowen decreased their price target on shares of PROCEPT BioRobotics from $50.00 to $34.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of PROCEPT BioRobotics in a research report on Tuesday, April 21st. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.36.

Insider Buying and Selling at PROCEPT BioRobotics

In related news, EVP Alaleh Nouri sold 5,363 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $25.96, for a total value of $139,223.48. Following the completion of the sale, the executive vice president owned 105,354 shares in the company, valued at $2,734,989.84. The trade was a 4.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 7,373 shares of company stock worth $196,135. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On PROCEPT BioRobotics

Hedge funds have recently made changes to their positions in the business. Prosight Management LP boosted its stake in shares of PROCEPT BioRobotics by 1,692.4% in the 4th quarter. Prosight Management LP now owns 1,380,000 shares of the company’s stock valued at $43,415,000 after purchasing an additional 1,303,009 shares in the last quarter. Alliancebernstein L.P. lifted its stake in PROCEPT BioRobotics by 58.6% in the third quarter. Alliancebernstein L.P. now owns 3,419,784 shares of the company’s stock worth $122,052,000 after purchasing an additional 1,262,928 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in PROCEPT BioRobotics by 59.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,271,408 shares of the company’s stock valued at $102,919,000 after buying an additional 1,218,815 shares during the period. ArrowMark Colorado Holdings LLC boosted its position in PROCEPT BioRobotics by 229.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,128,288 shares of the company’s stock valued at $40,269,000 after buying an additional 786,094 shares during the period. Finally, Mackenzie Financial Corp grew its stake in shares of PROCEPT BioRobotics by 105.2% during the third quarter. Mackenzie Financial Corp now owns 1,454,434 shares of the company’s stock valued at $51,909,000 after buying an additional 745,778 shares during the last quarter. 89.46% of the stock is currently owned by institutional investors.

PROCEPT BioRobotics Stock Down 8.6%

The stock has a market capitalization of $1.51 billion, a P/E ratio of -14.61 and a beta of 0.85. The stock has a 50 day moving average price of $25.78 and a 200-day moving average price of $28.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.73 and a quick ratio of 5.51.

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

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.