Canaccord Genuity Group Issues Pessimistic Forecast for AtriCure (NASDAQ:ATRC) Stock Price

AtriCure (NASDAQ:ATRC) had its target price dropped by equities researchers at Canaccord Genuity Group from $66.00 to $52.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 63.37% from the company’s previous close.

A number of other brokerages also recently issued reports on ATRC. Needham & Company LLC reaffirmed a “buy” rating and set a $51.00 price target on shares of AtriCure in a report on Thursday. BTIG Research reaffirmed a “buy” rating on shares of AtriCure in a report on Thursday. Oppenheimer boosted their price objective on shares of AtriCure from $36.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. JMP Securities restated a “market outperform” rating and issued a $60.00 target price on shares of AtriCure in a report on Monday, February 10th. Finally, Piper Sandler boosted their target price on shares of AtriCure from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.44.

AtriCure Stock Down 7.4 %

NASDAQ:ATRC opened at $31.83 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.62 and a current ratio of 3.65. The firm has a market cap of $1.56 billion, a P/E ratio of -33.50 and a beta of 1.53. AtriCure has a fifty-two week low of $18.94 and a fifty-two week high of $43.11. The firm has a 50-day simple moving average of $37.97 and a two-hundred day simple moving average of $33.98.

Insider Activity

In other news, Director Karen Prange sold 6,100 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total value of $232,532.00. Following the transaction, the director now directly owns 17,828 shares in the company, valued at $679,603.36. The trade was a 25.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Heck Capital Advisors LLC purchased a new stake in AtriCure during the 4th quarter valued at approximately $60,000. Mackenzie Financial Corp purchased a new position in AtriCure during the fourth quarter valued at $465,000. State of Wyoming grew its stake in AtriCure by 21.9% during the fourth quarter. State of Wyoming now owns 2,481 shares of the medical device company’s stock valued at $76,000 after acquiring an additional 446 shares in the last quarter. Sherbrooke Park Advisers LLC bought a new stake in AtriCure in the 4th quarter valued at $330,000. Finally, ProShare Advisors LLC lifted its stake in AtriCure by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 13,330 shares of the medical device company’s stock worth $407,000 after purchasing an additional 4,385 shares in the last quarter. Institutional investors own 99.11% of the company’s stock.

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.