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

AtriCure, Inc. (NASDAQ:ATRC) gapped down prior to trading 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 analysts have also recently issued research reports about the stock. Canaccord Genuity Group increased their price objective on shares of AtriCure from $53.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Citigroup reissued a “market outperform” rating on shares of AtriCure in a research note on Thursday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of AtriCure in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of AtriCure from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.11.

Insider Buying and Selling at AtriCure

In other news, Director Sven Wehrwein sold 5,033 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 34,374 shares in the company, valued at approximately $1,282,837.68. This trade represents a 12.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Maggie Yuen sold 3,000 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $35.72, for a total transaction of $107,160.00. Following the transaction, the director owned 11,371 shares in the company, valued at approximately $406,172.12. This trade represents a 20.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 18,166 shares of company stock worth $676,378. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AtriCure

A number of institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. lifted its position in shares of AtriCure by 6.7% during the second quarter. Ameritas Investment Partners Inc. now owns 4,941 shares of the medical device company’s stock worth $162,000 after purchasing an additional 312 shares in the last quarter. PNC Financial Services Group Inc. raised its position in AtriCure by 6.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,188 shares of the medical device company’s stock worth $218,000 after purchasing an additional 380 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in AtriCure by 5.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,512 shares of the medical device company’s stock worth $246,000 after buying an additional 385 shares in the last quarter. Scotia Capital Inc. lifted its holdings in AtriCure by 1.2% during the 3rd quarter. Scotia Capital Inc. now owns 37,677 shares of the medical device company’s stock worth $1,328,000 after buying an additional 457 shares in the last quarter. Finally, First Bank & Trust boosted its position in AtriCure by 6.0% in the 4th quarter. First Bank & Trust now owns 8,805 shares of the medical device company’s stock valued at $348,000 after buying an additional 495 shares during the last quarter. 99.11% of the stock is owned by institutional investors.

AtriCure Price Performance

The company has a 50 day moving average price of $39.39 and a 200 day moving average price of $36.84. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -52.39 and a beta of 1.42. 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.