Oak Harvest Investment Services Makes New $1.48 Million Investment in AtriCure, Inc. $ATRC

Key Points

• Oak Harvest Investment Services bought a new position in AtriCure, acquiring 37,500 shares worth about $1.48 million, equal to roughly 0.08% of the company.
• AtriCure beat expectations in its latest quarter with $0.06 EPS (vs. -$0.04 est.) and revenue of $140.5 million (up 13.1% y/y), though the company still reports negative net margin and ROE while trading at a market cap near $1.5 billion.
• Analysts lean positive overall, with a "Moderate Buy" consensus and an average price target of $48.43, despite a mix of buy, hold and a few sell ratings.

Oak Harvest Investment Services purchased a new position in shares of AtriCure, Inc. (NASDAQ:ATRC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 37,500 shares of the medical device company's stock, valued at approximately $1,484,000. Oak Harvest Investment Services owned about 0.08% of AtriCure as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ATRC. AQR Capital Management LLC grew 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 buying an additional 837 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in AtriCure by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,146 shares of the medical device company's stock valued at $908,000 after purchasing an additional 1,230 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of AtriCure by 1.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 862,668 shares of the medical device company's stock valued at $27,830,000 after acquiring an additional 8,956 shares during the period. Jane Street Group LLC lifted its position in shares of AtriCure by 658.3% during the 1st quarter. Jane Street Group LLC now owns 100,853 shares of the medical device company's stock valued at $3,254,000 after acquiring an additional 87,553 shares during the period. Finally, Strs Ohio acquired a new stake in shares of AtriCure during the 1st quarter valued at approximately $158,000. Hedge funds and other institutional investors own 99.11% of the company's stock.

AtriCure Stock Up 2.9%

Shares of NASDAQ ATRC opened at $29.72 on Friday. AtriCure, Inc. has a 52-week low of $27.26 and a 52-week high of $43.18. The firm has a fifty day moving average of $30.40 and a 200-day moving average of $34.90. The stock has a market capitalization of $1.50 billion, a PE ratio of -123.83 and a beta of 1.43. The company has a quick ratio of 2.99, a current ratio of 3.96 and a debt-to-equity ratio of 0.13.

AtriCure (NASDAQ:ATRC - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The medical device company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.10. AtriCure had a negative net margin of 2.14% and a negative return on equity of 1.15%. The company had revenue of $140.50 million during the quarter, compared to analysts' expectations of $140.50 million. During the same period in the previous year, the company earned ($0.33) EPS. The business's quarterly revenue was up 13.1% compared to the same quarter last year. On average, analysts anticipate that AtriCure, Inc. will post -0.6 EPS for the current year.

Insiders Place Their Bets

In related news, insider Vinayak Doraiswamy sold 5,000 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $29.83, for a total transaction of $149,150.00. Following the completion of the sale, the insider directly owned 96,875 shares of the company's stock, valued at approximately $2,889,781.25. This represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.50% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup reiterated an "outperform" rating on shares of AtriCure in a research report on Wednesday, February 18th. Zacks Research downgraded AtriCure from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 18th. Weiss Ratings restated a "sell (d-)" rating on shares of AtriCure in a research report on Wednesday, January 21st. UBS Group cut their price objective on AtriCure from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. downgraded AtriCure from an "overweight" rating to a "neutral" rating and set a $36.00 price objective for the company. in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.43.

AtriCure Company Profile

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.

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