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

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

Several other research firms have also recently commented on ATRC. JPMorgan Chase & Co. lowered their target price on AtriCure from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday. Piper Sandler boosted 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 company a “buy” rating in a research report on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and set a $60.00 price target on shares of AtriCure in a research note on Monday, February 10th. Finally, BTIG Research restated a “buy” rating on shares of AtriCure in a research note on Thursday. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.44.

Insider Buying and Selling

In other news, Director Karen Prange sold 6,100 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $38.12, for a total transaction of $232,532.00. Following the transaction, the director now directly owns 17,828 shares of the company’s stock, valued at approximately $679,603.36. The trade was a 25.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AtriCure

Several large investors have recently added to or reduced their stakes in the company. Johnson Financial Group Inc. boosted its position in AtriCure by 1,184.1% during the 4th 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 acquired a new stake in shares of AtriCure in the 4th quarter worth about $60,000. Venturi Wealth Management LLC lifted its position 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 purchasing an additional 2,100 shares during the last quarter. KBC Group NV boosted its stake in AtriCure by 65.3% during the 4th quarter. KBC Group NV now owns 2,360 shares of the medical device company’s stock valued at $72,000 after purchasing an additional 932 shares during the period. Finally, State of Wyoming grew its position in AtriCure by 21.9% in the 4th quarter. State of Wyoming now owns 2,481 shares of the medical device company’s stock worth $76,000 after purchasing an additional 446 shares during the last quarter. 99.11% of the stock is currently owned by institutional investors.

AtriCure Stock Down 7.2 %

The company has a market cap of $1.56 billion, a price-to-earnings ratio of -33.70 and a beta of 1.53. The firm’s 50 day simple moving average is $38.10 and its 200 day simple moving average is $33.89. The company has a quick ratio of 2.62, a current ratio of 3.65 and a debt-to-equity ratio of 0.13.

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.