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

PROCEPT BioRobotics Co. (NASDAQ:PRCT)’s stock price 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 changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRCT. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, October 8th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research report on Tuesday, December 3rd. Morgan Stanley assumed coverage on shares of PROCEPT BioRobotics in a research note on Monday, December 2nd. They set an “overweight” rating and a $105.00 target price for the company. Jefferies Financial Group assumed coverage on shares of PROCEPT BioRobotics in a research note on Thursday, November 14th. They set a “hold” rating and a $95.00 target price for the company. Finally, Truist Financial reissued a “buy” rating and set a $105.00 target price (up 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 given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.86.

PROCEPT BioRobotics Trading Down 2.4 %

The business’s 50 day moving average price is $89.33 and its two-hundred day moving average price is $78.78. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of -39.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 5.07 and a current ratio of 6.02.

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

Insider Activity at PROCEPT BioRobotics

In related news, EVP Alaleh Nouri sold 28,092 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $97.13, for a total transaction of $2,728,575.96. Following the completion of the sale, the executive vice president now directly owns 52,472 shares of the company’s stock, valued at $5,096,605.36. This represents a 34.87 % decrease in their ownership of the stock. 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 stock in a transaction that occurred on Wednesday, October 30th. The shares were 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 directly owns 258,445 shares of the company’s stock, valued at approximately $23,518,495. This represents a 52.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 462,816 shares of company stock valued at $43,008,799 over the last ninety days. Insiders own 17.40% of the company’s stock.

Institutional Trading of PROCEPT BioRobotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oak Ridge Investments LLC raised its holdings in shares of PROCEPT BioRobotics by 24.0% during the fourth quarter. Oak Ridge Investments LLC now owns 30,059 shares of the company’s stock valued at $2,420,000 after acquiring an additional 5,817 shares during the period. KRS Capital Management LLC raised its holdings in shares of PROCEPT BioRobotics by 0.5% during the fourth quarter. KRS Capital Management LLC now owns 46,455 shares of the company’s stock valued at $3,741,000 after acquiring an additional 225 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings in shares of PROCEPT BioRobotics by 62.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 9,624 shares of the company’s stock valued at $775,000 after acquiring an additional 3,702 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of PROCEPT BioRobotics during the fourth quarter valued at approximately $453,000. Finally, Principal Financial Group Inc. raised its holdings in shares of PROCEPT BioRobotics by 290.2% during the third quarter. Principal Financial Group Inc. now owns 68,617 shares of the company’s stock valued at $5,498,000 after acquiring an additional 51,030 shares during the period. 89.46% of the stock is owned by institutional investors and hedge funds.

About PROCEPT BioRobotics

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).