Canaccord Genuity Group Issues Positive Forecast for AtriCure (NASDAQ:ATRC) Stock Price

AtriCure (NASDAQ:ATRC) had its price target boosted by research analysts at Canaccord Genuity Group from $49.00 to $53.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 59.73% from the stock’s current price.

Other equities analysts have also issued reports about the company. BTIG Research cut their price objective on AtriCure from $58.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. StockNews.com upgraded AtriCure from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. UBS Group increased their price target on AtriCure from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler cut their target price on AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus decreased their price objective on AtriCure from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, AtriCure currently has an average rating of “Moderate Buy” and an average price target of $43.11.

AtriCure Price Performance

NASDAQ ATRC opened at $33.18 on Wednesday. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -39.98 and a beta of 1.44. AtriCure has a 52-week low of $18.94 and a 52-week high of $43.00. The business has a 50 day simple moving average of $27.68 and a 200 day simple moving average of $24.37. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.93 and a current ratio of 4.13.

AtriCure (NASDAQ:ATRC) last posted its earnings results on Tuesday, October 29th. The medical device company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. AtriCure had a negative return on equity of 8.39% and a negative net margin of 9.33%. The company had revenue of $115.91 million during the quarter, compared to the consensus estimate of $112.23 million. During the same quarter last year, the firm earned ($0.20) earnings per share. The company’s revenue was up 17.9% on a year-over-year basis. Analysts anticipate that AtriCure will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at AtriCure

In other news, Director Maggie Yuen sold 3,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the sale, the director now owns 8,970 shares of the company’s stock, valued at approximately $215,907.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On AtriCure

A number of hedge funds have recently added to or reduced their stakes in the company. Arcadia Investment Management Corp MI purchased a new position in AtriCure in the 3rd quarter valued at about $28,000. Comerica Bank boosted its holdings in AtriCure by 70.5% during the first quarter. Comerica Bank now owns 2,522 shares of the medical device company’s stock worth $77,000 after buying an additional 1,043 shares in the last quarter. nVerses Capital LLC boosted its stake in AtriCure by 733.3% in the 3rd quarter. nVerses Capital LLC now owns 5,000 shares of the medical device company’s stock worth $140,000 after purchasing an additional 4,400 shares during the period. Quest Partners LLC boosted its stake in AtriCure by 38.3% in the 2nd quarter. Quest Partners LLC now owns 5,868 shares of the medical device company’s stock worth $134,000 after purchasing an additional 1,626 shares during the period. Finally, Mount Yale Investment Advisors LLC purchased a new stake in AtriCure in the 1st quarter worth approximately $224,000. Institutional investors and hedge funds own 99.11% of the company’s stock.

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.