AtriCure (NASDAQ:ATRC) Shares Gap Down Following Analyst Downgrade

AtriCure, Inc. (NASDAQ:ATRC) gapped down before the market opened on Wednesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. The stock had previously closed at $37.86, but opened at $34.00. JPMorgan Chase & Co. now has a $36.00 price target on the stock. AtriCure shares last traded at $31.8660, with a volume of 901,778 shares changing hands.

Several other equities analysts also recently commented on ATRC. Zacks Research upgraded AtriCure from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 6th. Citigroup reiterated a “market outperform” rating on shares of AtriCure in a report on Thursday, October 30th. Canaccord Genuity Group lifted their target price on shares of AtriCure from $53.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of AtriCure in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, AtriCure has an average rating of “Moderate Buy” and a consensus price target of $52.83.

Insiders Place Their Bets

In other news, Director Sven Wehrwein sold 5,033 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $37.32, for a total value of $187,831.56. Following the transaction, the director owned 34,374 shares in the company, valued at approximately $1,282,837.68. The trade was a 12.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Justin J. Noznesky sold 5,166 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $37.29, for a total transaction of $192,640.14. Following the sale, the insider owned 78,798 shares of the company’s stock, valued at approximately $2,938,377.42. This trade represents a 6.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 18,166 shares of company stock worth $676,378. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ATRC. Aster Capital Management DIFC Ltd boosted its position in shares of AtriCure by 197.1% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 811 shares of the medical device company’s stock valued at $29,000 after purchasing an additional 538 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in AtriCure by 1,818.6% in the third quarter. Farther Finance Advisors LLC now owns 1,132 shares of the medical device company’s stock worth $40,000 after purchasing an additional 1,073 shares in the last quarter. Geneos Wealth Management Inc. acquired a new position in AtriCure in the second quarter valued at approximately $37,000. First Horizon Corp bought a new position in shares of AtriCure during the 3rd quarter worth approximately $42,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of AtriCure during the 4th quarter worth approximately $73,000. 99.11% of the stock is owned by institutional investors.

AtriCure Trading Down 3.3%

The firm’s 50-day moving average price is $39.18 and its 200 day moving average price is $36.78. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -52.13 and a beta of 1.41. The company has a current ratio of 3.87, a quick ratio of 2.85 and a debt-to-equity ratio of 0.15.

AtriCure Company Profile

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.