AtriCure (NASDAQ:ATRC) Shares Gap Up on Better-Than-Expected Earnings

AtriCure, Inc. (NASDAQ:ATRC) shares gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $29.43, but opened at $34.40. AtriCure shares last traded at $35.29, with a volume of 635,654 shares.

The medical device company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.02. AtriCure had a negative net margin of 9.33% and a negative return on equity of 8.39%. The business had revenue of $115.91 million during the quarter, compared to the consensus estimate of $112.23 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. The company’s quarterly revenue was up 17.9% compared to the same quarter last year.

Analysts Set New Price Targets

ATRC has been the topic of several research reports. Piper Sandler dropped their price target on shares of AtriCure from $65.00 to $40.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. UBS Group upped their price target on AtriCure from $35.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on AtriCure from $30.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday. StockNews.com upgraded shares of AtriCure from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. Finally, Oppenheimer increased their price target on shares of AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and nine have assigned 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 $43.11.

Insiders Place Their Bets

In other news, Director Maggie Yuen sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $24.07, for a total value of $84,245.00. Following the completion of the transaction, the director now directly owns 8,970 shares of the company’s stock, valued at approximately $215,907.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in AtriCure by 4.0% in the second quarter. Arizona State Retirement System now owns 13,542 shares of the medical device company’s stock valued at $308,000 after acquiring an additional 517 shares during the last quarter. ProShare Advisors LLC increased its stake in AtriCure by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 8,371 shares of the medical device company’s stock valued at $255,000 after buying an additional 659 shares during the last quarter. Bank of Montreal Can boosted its position in AtriCure by 4.0% during the second quarter. Bank of Montreal Can now owns 21,441 shares of the medical device company’s stock valued at $488,000 after purchasing an additional 831 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of AtriCure during the 3rd quarter worth about $28,000. Finally, Comerica Bank increased its holdings in shares of AtriCure by 70.5% during the 1st quarter. Comerica Bank now owns 2,522 shares of the medical device company’s stock worth $77,000 after acquiring an additional 1,043 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

AtriCure Trading Down 4.7 %

The business’s 50 day moving average price is $27.68 and its 200-day moving average price is $24.37. The company has a current ratio of 4.13, a quick ratio of 2.93 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.62 billion, a price-to-earnings ratio of -39.98 and a beta of 1.44.

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.