AtriCure (NASDAQ:ATRC) Reaches New 52-Week Low - What's Next?

Key Points

• AtriCure hit a new 52-week low, trading as low as $26.62 (last $26.97) on heavy volume as the stock declined about 4.4% and the company carries a market cap of roughly $1.38 billion.
• Analyst sentiment is mixed after recent downgrades from firms like JPMorgan and Oppenheimer, but the consensus remains a "Moderate Buy" with an average price target of $48.43.
• The company beat EPS expectations (reported $0.06 vs. -$0.04 estimate) with revenue up 13.1% to $140.5M, yet it remains unprofitable (negative net margin and ROE), and an insider recently sold shares.

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $26.62 and last traded at $26.9660, with a volume of 530025 shares changing hands. The stock had previously closed at $28.48.

Analyst Upgrades and Downgrades

ATRC has been the subject of a number of research reports. JPMorgan Chase & Co. lowered AtriCure from an "overweight" rating to a "neutral" rating and set a $36.00 price target for the company. in a research note on Wednesday, February 11th. Wall Street Zen raised AtriCure from a "buy" rating to a "strong-buy" rating in a research note on Sunday, April 5th. Oppenheimer lowered AtriCure from an "outperform" rating to a "market perform" rating in a research note on Wednesday, February 18th. Canaccord Genuity Group decreased their price target on AtriCure from $64.00 to $53.00 and set a "buy" rating for the company in a research note on Wednesday, February 18th. Finally, Zacks Research lowered AtriCure from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.43.

AtriCure Trading Down 4.4%

The firm has a market capitalization of $1.38 billion, a P/E ratio of -113.60 and a beta of 1.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.99 and a current ratio of 3.96. The firm has a 50 day moving average price of $29.63 and a two-hundred day moving average price of $34.58.

AtriCure (NASDAQ:ATRC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 17th. The medical device company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.10. The business had revenue of $140.50 million during the quarter, compared to the consensus estimate of $140.50 million. AtriCure had a negative net margin of 2.14% and a negative return on equity of 1.15%. The firm's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.33) EPS. On average, equities research analysts expect that AtriCure, Inc. will post 0.1 EPS for the current fiscal year.

Insider Activity at AtriCure

In other news, insider Vinayak Doraiswamy sold 5,000 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $29.83, for a total value of $149,150.00. Following the completion of the sale, the insider owned 96,875 shares of the company's stock, valued at $2,889,781.25. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.00% of the stock is currently owned by company insiders.

Institutional Trading of AtriCure

Several hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in shares of AtriCure by 1.0% during the first quarter. AQR Capital Management LLC now owns 83,685 shares of the medical device company's stock worth $2,700,000 after acquiring an additional 837 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of AtriCure by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,146 shares of the medical device company's stock worth $908,000 after acquiring an additional 1,230 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of AtriCure by 1.0% during the first quarter. Goldman Sachs Group Inc. now owns 862,668 shares of the medical device company's stock worth $27,830,000 after acquiring an additional 8,956 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of AtriCure by 658.3% during the first quarter. Jane Street Group LLC now owns 100,853 shares of the medical device company's stock worth $3,254,000 after acquiring an additional 87,553 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of AtriCure during the first quarter worth $158,000. Institutional investors and hedge funds own 99.11% of the company's stock.

About AtriCure

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company's solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company's product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.