UBS Group Has Lowered Expectations for AtriCure (NASDAQ:ATRC) Stock Price

AtriCure (NASDAQ:ATRC) had its price objective cut by research analysts at UBS Group from $60.00 to $58.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. UBS Group’s price objective would suggest a potential upside of 98.02% from the stock’s previous close.

A number of other research firms have also recently weighed in on ATRC. Stifel Nicolaus lifted their target price on shares of AtriCure from $36.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. BTIG Research reaffirmed a “buy” rating on shares of AtriCure in a research note on Thursday, March 27th. Needham & Company LLC decreased their target price on AtriCure from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday. Oppenheimer boosted their price target on AtriCure from $36.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Finally, Piper Sandler increased their price objective on shares of AtriCure from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, AtriCure currently has a consensus rating of “Moderate Buy” and an average target price of $50.67.

AtriCure Trading Down 2.1 %

NASDAQ:ATRC opened at $29.29 on Wednesday. AtriCure has a one year low of $18.94 and a one year high of $43.11. The business has a fifty day moving average price of $33.76 and a 200-day moving average price of $34.67. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -30.83 and a beta of 1.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.65 and a quick ratio of 2.62.

AtriCure (NASDAQ:ATRC) last issued its quarterly earnings results on Tuesday, April 29th. The medical device company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.11. The business had revenue of $123.62 million during the quarter, compared to analysts’ expectations of $122.92 million. AtriCure had a negative return on equity of 6.80% and a negative net margin of 9.61%. The business’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.28) earnings per share. Sell-side analysts forecast that AtriCure will post -0.6 EPS for the current year.

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 transaction of $232,532.00. Following the transaction, the director now owns 17,828 shares of the company’s stock, valued at approximately $679,603.36. This represents a 25.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On AtriCure

Several hedge funds have recently bought and sold shares of the business. Blue Trust Inc. grew its holdings in shares of AtriCure by 1.8% in the fourth quarter. Blue Trust Inc. now owns 14,751 shares of the medical device company’s stock worth $414,000 after purchasing an additional 265 shares during the last quarter. Invesco Ltd. boosted its position in AtriCure by 0.8% in the 4th quarter. Invesco Ltd. now owns 43,647 shares of the medical device company’s stock valued at $1,334,000 after buying an additional 334 shares during the period. Perkins Capital Management Inc. grew its stake in AtriCure by 1.3% in the 4th quarter. Perkins Capital Management Inc. now owns 30,350 shares of the medical device company’s stock worth $927,000 after acquiring an additional 400 shares in the last quarter. Truist Financial Corp increased its position in shares of AtriCure by 2.6% during the fourth quarter. Truist Financial Corp now owns 15,717 shares of the medical device company’s stock worth $480,000 after acquiring an additional 403 shares during the period. Finally, State of Wyoming increased its position in shares of AtriCure by 21.9% during the fourth quarter. State of Wyoming now owns 2,481 shares of the medical device company’s stock worth $76,000 after acquiring an additional 446 shares during the period. 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.