AtriCure (NASDAQ:ATRC) Sees Large Volume Increase on Better-Than-Expected Earnings

Shares of AtriCure, Inc. (NASDAQ:ATRC) saw strong trading volume on Thursday following a stronger than expected earnings report. 1,069,430 shares changed hands during mid-day trading, an increase of 97% from the previous session’s volume of 543,507 shares.The stock last traded at $34.59 and had previously closed at $35.44.

The medical device company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.10. AtriCure had a negative return on equity of 2.56% and a negative net margin of 5.55%.The company had revenue of $134.27 million during the quarter, compared to the consensus estimate of $131.25 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. AtriCure has set its FY 2025 guidance at -0.260–0.230 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup reiterated a “market outperform” rating on shares of AtriCure in a research report on Thursday. Needham & Company LLC increased their price objective on AtriCure from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, July 30th. BTIG Research set a $54.00 price objective on AtriCure in a research report on Wednesday, July 30th. Canaccord Genuity Group increased their price objective on AtriCure from $53.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of AtriCure in a research report on Wednesday, October 8th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.22.

Insiders Place Their Bets

In related news, Director Regina E. Groves sold 2,452 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $36.82, for a total transaction of $90,282.64. Following the completion of the sale, the director directly owned 33,715 shares in the company, valued at approximately $1,241,386.30. This trade represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vinayak Doraiswamy sold 2,500 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $36.58, for a total value of $91,450.00. Following the sale, the insider owned 71,872 shares of the company’s stock, valued at approximately $2,629,077.76. This represents a 3.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,952 shares of company stock worth $655,633 over the last three months. Company insiders own 3.50% of the company’s stock.

Institutional Trading of AtriCure

Several hedge funds and other institutional investors have recently modified their holdings of ATRC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of AtriCure by 170.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,196,914 shares of the medical device company’s stock worth $70,872,000 after acquiring an additional 1,385,544 shares in the last quarter. Nuveen LLC purchased a new stake in shares of AtriCure during the first quarter worth $30,666,000. Jennison Associates LLC purchased a new stake in shares of AtriCure during the first quarter worth $19,139,000. Osterweis Capital Management Inc. purchased a new stake in shares of AtriCure during the first quarter worth $9,536,000. Finally, Millennium Management LLC raised its holdings in shares of AtriCure by 79.2% during the first quarter. Millennium Management LLC now owns 623,323 shares of the medical device company’s stock worth $20,108,000 after acquiring an additional 275,487 shares in the last quarter. 99.11% of the stock is currently owned by hedge funds and other institutional investors.

AtriCure Trading Down 3.8%

The company has a debt-to-equity ratio of 0.16, a current ratio of 3.94 and a quick ratio of 2.83. The company has a fifty day moving average of $36.09 and a 200-day moving average of $33.93. The firm has a market capitalization of $1.69 billion, a PE ratio of -55.88 and a beta of 1.59.

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.