AtriCure (NASDAQ:ATRC) Trading Down 6.8% After Analyst Downgrade

AtriCure, Inc. (NASDAQ:ATRC)’s share price dropped 6.8% during trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $66.00 to $52.00. Canaccord Genuity Group currently has a buy rating on the stock. AtriCure traded as low as $32.58 and last traded at $32.02. Approximately 44,344 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 655,640 shares. The stock had previously closed at $34.37.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their price target on AtriCure from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday. Piper Sandler upped their target price on AtriCure from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating and issued a $51.00 price target on shares of AtriCure in a report on Thursday. BTIG Research restated a “buy” rating on shares of AtriCure in a research note on Thursday. Finally, Oppenheimer increased their price objective 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 analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.44.

Insiders Place Their Bets

In other AtriCure news, Director Karen Prange sold 6,100 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $38.12, for a total value of $232,532.00. Following the completion of the transaction, the director now owns 17,828 shares in the company, valued at approximately $679,603.36. This represents a 25.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On AtriCure

A number of large investors have recently bought and sold shares of ATRC. Johnson Financial Group Inc. grew its holdings in AtriCure by 1,184.1% in the fourth quarter. Johnson Financial Group Inc. now owns 1,618 shares of the medical device company’s stock valued at $49,000 after purchasing an additional 1,492 shares during the period. Heck Capital Advisors LLC purchased a new position in shares of AtriCure during the 4th quarter valued at approximately $60,000. Venturi Wealth Management LLC grew its stake in AtriCure by 1,337.6% in the 4th quarter. Venturi Wealth Management LLC now owns 2,257 shares of the medical device company’s stock valued at $69,000 after acquiring an additional 2,100 shares during the period. KBC Group NV increased its holdings in AtriCure by 65.3% in the 4th quarter. KBC Group NV now owns 2,360 shares of the medical device company’s stock worth $72,000 after acquiring an additional 932 shares in the last quarter. Finally, State of Wyoming raised its position in AtriCure by 21.9% during the fourth quarter. State of Wyoming now owns 2,481 shares of the medical device company’s stock worth $76,000 after acquiring an additional 446 shares during the period. Institutional investors and hedge funds own 99.11% of the company’s stock.

AtriCure Trading Down 7.4 %

The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -33.50 and a beta of 1.53. The company’s 50-day moving average price is $37.97 and its 200-day moving average price is $33.93. The company has a quick ratio of 2.62, a current ratio of 3.65 and a debt-to-equity ratio of 0.13.

About AtriCure

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.