AtriCure (NASDAQ:ATRC) Shares Gap Up to $22.71

AtriCure, Inc. (NASDAQ:ATRC) gapped up before the market opened on Tuesday . The stock had previously closed at $22.71, but opened at $23.92. AtriCure shares last traded at $23.97, with a volume of 179,703 shares trading hands.

Analyst Upgrades and Downgrades

ATRC has been the topic of a number of recent analyst reports. Oppenheimer raised shares of AtriCure from a “market perform” rating to an “outperform” rating and set a $32.00 price target on the stock in a report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $46.00 target price on shares of AtriCure in a research note on Wednesday, April 10th. UBS Group raised their target price on shares of AtriCure from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. StockNews.com cut shares of AtriCure from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus decreased their target price on shares of AtriCure from $50.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.63.

AtriCure Price Performance

The firm’s 50-day moving average is $30.25 and its two-hundred day moving average is $33.84. The company has a market cap of $1.12 billion, a P/E ratio of -34.92 and a beta of 1.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.57 and a quick ratio of 2.66.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings results on Thursday, February 15th. The medical device company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. AtriCure had a negative net margin of 7.62% and a negative return on equity of 7.55%. The company had revenue of $106.50 million for the quarter, compared to analysts’ expectations of $103.68 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. AtriCure’s quarterly revenue was up 21.0% on a year-over-year basis. Analysts anticipate that AtriCure, Inc. will post -0.71 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Justin J. Noznesky sold 1,500 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $36.72, for a total value of $55,080.00. Following the sale, the insider now owns 74,284 shares in the company, valued at $2,727,708.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AtriCure news, insider Karl S. Dahlquist sold 1,885 shares of AtriCure stock in a transaction on Monday, March 18th. The shares were sold at an average price of $32.16, for a total transaction of $60,621.60. Following the completion of the transaction, the insider now directly owns 50,954 shares of the company’s stock, valued at $1,638,680.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Justin J. Noznesky sold 1,500 shares of AtriCure stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $36.72, for a total transaction of $55,080.00. Following the transaction, the insider now directly owns 74,284 shares of the company’s stock, valued at $2,727,708.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,116 shares of company stock worth $468,797. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Capital Management LLC boosted its stake in AtriCure by 0.6% during the third quarter. Advisors Capital Management LLC now owns 57,223 shares of the medical device company’s stock worth $2,506,000 after buying an additional 357 shares during the period. Principal Financial Group Inc. boosted its stake in shares of AtriCure by 3.5% during the third quarter. Principal Financial Group Inc. now owns 11,839 shares of the medical device company’s stock valued at $519,000 after purchasing an additional 395 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of AtriCure by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,237 shares of the medical device company’s stock valued at $758,000 after purchasing an additional 484 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of AtriCure by 31.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,074 shares of the medical device company’s stock valued at $91,000 after purchasing an additional 497 shares during the period. Finally, Eagle Asset Management Inc. boosted its stake in shares of AtriCure by 0.7% during the third quarter. Eagle Asset Management Inc. now owns 81,300 shares of the medical device company’s stock valued at $3,561,000 after purchasing an additional 593 shares during the period. 99.11% of the stock is owned by hedge funds and other institutional investors.

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.