AtriCure (NASDAQ:ATRC) Shares Down 6.6% – Here’s What Happened

AtriCure, Inc. (NASDAQ:ATRC)’s stock price traded down 6.6% during trading on Monday . The stock traded as low as $27.24 and last traded at $28.1760. 452,198 shares traded hands during trading, a decline of 40% from the average daily volume of 757,332 shares. The stock had previously closed at $30.18.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Canaccord Genuity Group raised their target price on shares of AtriCure from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wall Street Zen lowered AtriCure from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings cut AtriCure from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Freedom Capital raised AtriCure to a “strong-buy” rating in a report on Wednesday, April 1st. Finally, Zacks Research cut AtriCure from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, AtriCure has a consensus rating of “Moderate Buy” and an average target price of $48.71.

AtriCure Stock Down 5.1%

The company has a 50 day moving average price of $28.00 and a two-hundred day moving average price of $32.41. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.29 and a quick ratio of 3.18. The stock has a market cap of $1.45 billion, a PE ratio of -285.29 and a beta of 1.26.

Insider Activity

In other news, Director Karen Prange sold 3,000 shares of AtriCure stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $28.65, for a total value of $85,950.00. Following the completion of the sale, the director directly owned 26,373 shares in the company, valued at $755,586.45. The trade was a 10.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AtriCure

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of AtriCure by 13.7% in the first quarter. Bank of America Corp DE now owns 768,561 shares of the medical device company’s stock worth $21,927,000 after acquiring an additional 92,830 shares during the period. California State Teachers Retirement System boosted its position in AtriCure by 33.3% in the first quarter. California State Teachers Retirement System now owns 59,947 shares of the medical device company’s stock worth $1,710,000 after purchasing an additional 14,987 shares during the last quarter. Quantinno Capital Management LP bought a new stake in shares of AtriCure during the 1st quarter valued at about $277,000. Lazard Asset Management LLC increased its position in shares of AtriCure by 8.6% during the 1st quarter. Lazard Asset Management LLC now owns 54,015 shares of the medical device company’s stock valued at $1,541,000 after purchasing an additional 4,296 shares during the last quarter. Finally, Rice Hall James & Associates LLC bought a new position in shares of AtriCure in the 1st quarter worth approximately $719,000. 99.11% of the stock is owned by institutional investors.

About AtriCure

AtriCure, Inc is a medical device company focused on the development, manufacture and marketing of innovative therapies to treat atrial fibrillation (AF) and related conditions. Founded in 2000 and headquartered in Mason, Ohio, AtriCure has established itself as a leader in surgical ablation devices designed to interrupt the errant electrical pathways that cause AF. The company’s solutions are used by cardiac surgeons and electrophysiologists to reduce the risk of stroke and improve patient outcomes in the treatment of both paroxysmal and persistent AF.

The company’s product portfolio centers on its Synergy Surgical Ablation System, which delivers controlled radiofrequency energy in a minimally invasive format, and the cryoICE Cryoablation System, which offers an alternative ablation modality using precise freezing techniques.