AtriCure (NASDAQ:ATRC) Shares Gap Down Following Analyst Downgrade

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report) shares gapped down before the market opened on Wednesday after UBS Group lowered their price target on the stock from $60.00 to $58.00. The stock had previously closed at $34.65, but opened at $31.18. UBS Group currently has a buy rating on the stock. AtriCure shares last traded at $29.03, with a volume of 199,287 shares changing hands.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC dropped their price objective on AtriCure from $51.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday. Piper Sandler increased their price target on AtriCure from $40.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. lowered their price objective on AtriCure from $51.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Stifel Nicolaus increased their target price on shares of AtriCure from $36.00 to $48.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Finally, Oppenheimer boosted their price target on shares of AtriCure from $36.00 to $45.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, AtriCure currently has a consensus rating of "Moderate Buy" and an average price target of $50.67.

Insiders Place Their Bets

In other news, Director Karen Prange sold 6,100 shares of AtriCure stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total transaction of $232,532.00. Following the completion of the sale, the director now owns 17,828 shares in the company, valued at approximately $679,603.36. This trade represents a 25.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On AtriCure

A number of hedge funds and other institutional investors have recently bought and sold shares of ATRC. Hood River Capital Management LLC lifted its holdings in shares of AtriCure by 3.3% during the 4th quarter. Hood River Capital Management LLC now owns 2,923,731 shares of the medical device company's stock worth $89,349,000 after acquiring an additional 93,131 shares during the last quarter. First Light Asset Management LLC lifted its stake in AtriCure by 5.6% during the fourth quarter. First Light Asset Management LLC now owns 1,969,221 shares of the medical device company's stock worth $60,179,000 after purchasing an additional 103,685 shares during the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of AtriCure by 29.8% in the 4th quarter. Kennedy Capital Management LLC now owns 752,580 shares of the medical device company's stock worth $22,999,000 after purchasing an additional 172,648 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of AtriCure by 24.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 700,212 shares of the medical device company's stock valued at $21,398,000 after purchasing an additional 136,015 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of AtriCure by 37.1% during the 4th quarter. Marshall Wace LLP now owns 619,166 shares of the medical device company's stock valued at $18,922,000 after purchasing an additional 167,476 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company's stock.

AtriCure Stock Up 2.5 %

The company has a market cap of $1.49 billion, a P/E ratio of -31.60 and a beta of 1.65. The stock has a 50-day moving average of $33.57 and a two-hundred day moving average of $34.72. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.62 and a current ratio of 3.65.

AtriCure (NASDAQ:ATRC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The medical device company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.25) by $0.11. The firm had revenue of $123.62 million during the quarter, compared to analyst estimates of $122.92 million. AtriCure had a negative net margin of 9.61% and a negative return on equity of 6.80%. The business's quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.28) EPS. On average, research analysts anticipate that AtriCure, Inc. will post -0.6 EPS for the current fiscal year.

AtriCure Company Profile

AtriCure, Inc develops, manufactures, and sells devices for surgical ablation of cardiac tissue, exclusion of the left atrial appendage, and temporarily blocking pain by ablating peripheral nerves to medical centers in the United States, Europe, the Asia-Pacific, and internationally. The company offers Isolator Synergy Clamps, single-use disposable radio frequency products; multifunctional pens and linear ablation devices, such as the MAX Pen device that enables surgeons to evaluate cardiac arrhythmias, perform temporary cardiac pacing, sensing, and stimulation, and ablate cardiac tissue with the same device; and the Coolrail device, which enables users to make longer linear lines of ablation.