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 trading hands.

Other equities research analysts have also recently issued research reports about the stock. Citigroup restated a “market outperform” rating on shares of AtriCure in a report on Thursday, October 30th. Canaccord Genuity Group raised their price target on AtriCure from $53.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of AtriCure in a research report on Wednesday, January 21st. Finally, Zacks Research raised AtriCure from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, AtriCure currently has a consensus rating of “Moderate Buy” and an average price target of $51.11.

Insider Buying and Selling at AtriCure

In other AtriCure news, Director Maggie Yuen sold 3,000 shares of AtriCure stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $35.72, for a total value of $107,160.00. Following the sale, the director owned 11,371 shares of the company’s stock, valued at $406,172.12. The trade was a 20.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Sven Wehrwein sold 5,033 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $37.32, for a total value of $187,831.56. Following the sale, the director directly owned 34,374 shares in the company, valued at $1,282,837.68. This trade represents a 12.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 18,166 shares of company stock worth $676,378 in the last quarter. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of AtriCure

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

AtriCure Trading Down 13.1%

The company has a 50-day moving average price of $39.33 and a two-hundred day moving average price of $36.82. The stock has a market cap of $1.64 billion, a P/E ratio of -53.93 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.

About AtriCure

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.