AtriCure (NASDAQ:ATRC) Shares Gap Up – Here’s Why

AtriCure, Inc. (NASDAQ:ATRC)’s share price gapped up prior to trading on Monday . The stock had previously closed at $31.41, but opened at $33.07. AtriCure shares last traded at $33.68, with a volume of 115,706 shares changing hands.

Analysts Set New Price Targets

ATRC has been the subject of a number of research reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $40.00 price target on shares of AtriCure in a research report on Tuesday, December 17th. UBS Group increased their target price on shares of AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target on shares of AtriCure in a research report on Monday. Oppenheimer boosted their price objective on shares of AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Canaccord Genuity Group raised their target price on shares of AtriCure from $53.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

AtriCure Trading Up 0.9 %

The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -41.80 and a beta of 1.42. The business’s 50-day moving average price is $33.82 and its 200 day moving average price is $28.72. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.62 and a quick ratio of 2.59.

AtriCure (NASDAQ:ATRC) last released its quarterly earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.02. The firm had revenue of $115.91 million for the quarter, compared to the consensus estimate of $112.23 million. AtriCure had a negative net margin of 8.70% and a negative return on equity of 8.12%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.20) EPS. On average, equities analysts forecast that AtriCure, Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Hood River Capital Management LLC purchased a new stake in AtriCure during the 2nd quarter worth approximately $40,422,000. First Light Asset Management LLC grew its position in shares of AtriCure by 42.1% during the second quarter. First Light Asset Management LLC now owns 1,964,703 shares of the medical device company’s stock worth $44,736,000 after buying an additional 581,843 shares in the last quarter. Millennium Management LLC increased its stake in shares of AtriCure by 132.5% in the second quarter. Millennium Management LLC now owns 952,765 shares of the medical device company’s stock worth $21,694,000 after buying an additional 543,023 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in AtriCure by 151.6% in the third quarter. Assenagon Asset Management S.A. now owns 229,130 shares of the medical device company’s stock valued at $6,425,000 after acquiring an additional 138,046 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in AtriCure by 31.5% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 500,649 shares of the medical device company’s stock valued at $14,038,000 after acquiring an additional 119,929 shares during the last quarter. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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.