PROCEPT BioRobotics (NASDAQ:PRCT) Shares Down 7.2% – Should You Sell?

PROCEPT BioRobotics Co. (NASDAQ:PRCT) dropped 7.2% during trading on Monday . The company traded as low as $55.19 and last traded at $55.71. Approximately 264,377 shares changed hands during trading, a decline of 65% from the average daily volume of 748,534 shares. The stock had previously closed at $60.05.

Wall Street Analysts Forecast Growth

PRCT has been the subject of a number of recent analyst reports. Wells Fargo & Company restated an “overweight” rating and set a $112.00 price objective on shares of PROCEPT BioRobotics in a research note on Tuesday, December 3rd. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (down previously from $105.00) on shares of PROCEPT BioRobotics in a research note on Wednesday, February 26th. Finally, Morgan Stanley dropped their price target on PROCEPT BioRobotics from $105.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.29.

PROCEPT BioRobotics Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 6.02 and a quick ratio of 5.07. The stock’s 50 day simple moving average is $65.34 and its two-hundred day simple moving average is $77.82. The stock has a market cap of $3.13 billion, a P/E ratio of -28.97 and a beta of 1.05.

PROCEPT BioRobotics (NASDAQ:PRCT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). PROCEPT BioRobotics had a negative net margin of 50.07% and a negative return on equity of 38.57%. The firm had revenue of $68.24 million during the quarter, compared to the consensus estimate of $66.79 million. As a group, research analysts forecast that PROCEPT BioRobotics Co. will post -1.75 EPS for the current year.

Insiders Place Their Bets

In other PROCEPT BioRobotics news, CFO Kevin Waters sold 733 shares of PROCEPT BioRobotics stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $41,824.98. Following the completion of the sale, the chief financial officer now directly owns 107,991 shares in the company, valued at approximately $6,161,966.46. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Reza Zadno sold 5,475 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $57.06, for a total value of $312,403.50. Following the completion of the transaction, the chief executive officer now owns 173,070 shares in the company, valued at approximately $9,875,374.20. This represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,455 shares of company stock worth $368,322 in the last 90 days. Company insiders own 17.40% of the company’s stock.

Hedge Funds Weigh In On PROCEPT BioRobotics

Several hedge funds have recently modified their holdings of the company. Signaturefd LLC raised its holdings in shares of PROCEPT BioRobotics by 26.7% in the 4th quarter. Signaturefd LLC now owns 689 shares of the company’s stock worth $55,000 after purchasing an additional 145 shares during the period. Ensign Peak Advisors Inc boosted its stake in PROCEPT BioRobotics by 1.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 14,165 shares of the company’s stock worth $1,141,000 after buying an additional 150 shares in the last quarter. Naviter Wealth LLC grew its holdings in shares of PROCEPT BioRobotics by 6.0% during the 4th quarter. Naviter Wealth LLC now owns 3,089 shares of the company’s stock valued at $249,000 after purchasing an additional 176 shares during the last quarter. Amundi lifted its stake in PROCEPT BioRobotics by 0.9% in the fourth quarter. Amundi now owns 20,143 shares of the company’s stock worth $1,742,000 after purchasing an additional 183 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in PROCEPT BioRobotics by 1.5% during the fourth quarter. Arizona State Retirement System now owns 14,285 shares of the company’s stock valued at $1,150,000 after buying an additional 218 shares during the period. Institutional investors own 89.46% of the company’s stock.

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).