AtriCure (NASDAQ:ATRC) Shares Down 5.8% – What’s Next?

AtriCure, Inc. (NASDAQ:ATRC) shares were down 5.8% during trading on Thursday . The company traded as low as $38.84 and last traded at $39.92. Approximately 176,945 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 569,972 shares. The stock had previously closed at $42.36.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ATRC shares. Oppenheimer upped their price objective on AtriCure from $36.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday. Canaccord Genuity Group upped their price objective on AtriCure from $61.00 to $66.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $51.00 price objective on shares of AtriCure in a report on Thursday. JPMorgan Chase & Co. upped their price objective on AtriCure from $40.00 to $51.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, UBS Group upped their price target on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.56.

AtriCure Stock Down 9.2 %

The business has a 50 day simple moving average of $35.52 and a 200 day simple moving average of $31.17. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.62 and a quick ratio of 2.59. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -46.33 and a beta of 1.46.

Institutional Trading of AtriCure

A number of large investors have recently modified their holdings of ATRC. The Manufacturers Life Insurance Company increased its position in shares of AtriCure by 6.1% during the second quarter. The Manufacturers Life Insurance Company now owns 24,919 shares of the medical device company’s stock worth $567,000 after acquiring an additional 1,429 shares during the period. Truist Financial Corp increased its position in shares of AtriCure by 13.8% during the second quarter. Truist Financial Corp now owns 15,184 shares of the medical device company’s stock worth $346,000 after acquiring an additional 1,842 shares during the period. SG Americas Securities LLC purchased a new stake in shares of AtriCure during the third quarter worth $488,000. Creative Planning purchased a new position in AtriCure in the third quarter valued at $321,000. Finally, nVerses Capital LLC increased its holdings in AtriCure by 733.3% in the third quarter. nVerses Capital LLC now owns 5,000 shares of the medical device company’s stock valued at $140,000 after buying an additional 4,400 shares during the last quarter. Hedge funds and other 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.