AtriCure (NASDAQ:ATRC) Shares Down 6.8% Following Analyst Downgrade

AtriCure, Inc. (NASDAQ:ATRC) shares traded down 6.8% 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. 44,344 shares were traded during trading, a decline of 93% from the average session volume of 655,640 shares. The stock had previously closed at $34.37.

A number of other brokerages have also weighed in on ATRC. JMP Securities reissued a “market outperform” rating and issued a $60.00 price objective on shares of AtriCure in a report on Monday, February 10th. Oppenheimer raised 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. Piper Sandler upped their price objective on shares of AtriCure from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. 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 note on Thursday, February 13th. Finally, JPMorgan Chase & Co. lowered 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. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, AtriCure has an average rating of “Moderate Buy” and a consensus target price of $49.44.

Insider Activity

In other news, Director Karen Prange sold 6,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $38.12, for a total value of $232,532.00. Following the completion of the sale, the director now directly owns 17,828 shares in the company, valued at $679,603.36. This represents a 25.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.20% of the company’s stock.

Institutional Trading of AtriCure

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Commerce Bank increased its position in AtriCure by 23.5% during the third quarter. Commerce Bank now owns 11,470 shares of the medical device company’s stock worth $322,000 after purchasing an additional 2,181 shares during the last quarter. Intech Investment Management LLC purchased a new position in AtriCure in the third quarter worth approximately $427,000. Charles Schwab Investment Management Inc. increased its stake in AtriCure by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 394,584 shares of the medical device company’s stock worth $11,064,000 after acquiring an additional 5,812 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in AtriCure in the third quarter valued at $1,991,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of AtriCure by 38.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,053 shares of the medical device company’s stock valued at $394,000 after purchasing an additional 3,880 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

AtriCure Trading Down 7.2 %

The business has a fifty day moving average price of $38.10 and a two-hundred day moving average price of $33.89. The company has a current ratio of 3.65, a quick ratio of 2.62 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $1.56 billion, a PE ratio of -33.70 and a beta of 1.53.

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.