AtriCure (NASDAQ:ATRC) Trading Down 6.8% After Analyst Downgrade

AtriCure, Inc. (NASDAQ:ATRC - Get Free Report)'s share price traded down 6.8% during mid-day trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $66.00 to $52.00. Canaccord Genuity Group currently has a buy rating on the stock. AtriCure traded as low as $32.58 and last traded at $32.02. 44,344 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 655,640 shares. The stock had previously closed at $34.37.

A number of other brokerages have also issued reports on ATRC. Oppenheimer boosted their target price on AtriCure from $36.00 to $45.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Piper Sandler boosted their price objective on AtriCure from $40.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. BTIG Research restated a "buy" rating on shares of AtriCure in a report on Thursday, March 27th. Needham & Company LLC reiterated a "buy" rating and set a $51.00 price target on shares of AtriCure in a research note on Thursday, March 27th. Finally, JMP Securities reissued a "market outperform" rating and issued a $60.00 price objective on shares of AtriCure in a research note on Monday, February 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $49.44.

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Insider Buying and Selling

In other AtriCure news, Director Karen Prange sold 6,100 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $38.12, for a total transaction of $232,532.00. Following the completion of the transaction, the director now owns 17,828 shares in the company, valued at $679,603.36. The trade was a 25.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On AtriCure

Several institutional investors have recently modified their holdings of ATRC. Johnson Financial Group Inc. increased its holdings in AtriCure by 1,184.1% in the fourth quarter. Johnson Financial Group Inc. now owns 1,618 shares of the medical device company's stock valued at $49,000 after buying an additional 1,492 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in shares of AtriCure in the 4th quarter valued at about $60,000. Venturi Wealth Management LLC raised its position in shares of AtriCure by 1,337.6% during the 4th quarter. Venturi Wealth Management LLC now owns 2,257 shares of the medical device company's stock worth $69,000 after acquiring an additional 2,100 shares in the last quarter. KBC Group NV lifted its stake in AtriCure by 65.3% during the fourth quarter. KBC Group NV now owns 2,360 shares of the medical device company's stock worth $72,000 after purchasing an additional 932 shares during the last quarter. Finally, State of Wyoming boosted its holdings in AtriCure by 21.9% in the fourth quarter. State of Wyoming now owns 2,481 shares of the medical device company's stock valued at $76,000 after purchasing an additional 446 shares in the last quarter. 99.11% of the stock is owned by hedge funds and other institutional investors.

AtriCure Price Performance

The company has a market capitalization of $1.60 billion, a PE ratio of -34.42 and a beta of 1.53. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.65 and a quick ratio of 2.62. The company's 50 day simple moving average is $37.85 and its 200 day simple moving average is $34.06.

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.