AtriCure (NASDAQ:ATRC) Shares Gap Up After Strong Earnings

Posted by on May 4th, 2023

Shares of AtriCure, Inc. (NASDAQ:ATRC – Get Rating) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $43.94, but opened at $47.12. AtriCure shares last traded at $47.47, with a volume of 69,057 shares changing hands.

The medical device company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.11. The business had revenue of $93.49 million during the quarter, compared to analysts’ expectations of $87.53 million. AtriCure had a negative net margin of 14.06% and a negative return on equity of 10.18%. The firm’s revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.33) earnings per share.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ATRC. Canaccord Genuity Group dropped their price objective on shares of AtriCure from $81.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, February 22nd. Stifel Nicolaus lifted their target price on shares of AtriCure from $48.00 to $50.00 in a report on Wednesday. Needham & Company LLC lifted their price target on shares of AtriCure from $58.00 to $60.00 in a research report on Wednesday. BTIG Research reduced their price target on shares of AtriCure from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, February 22nd. Finally, StockNews.com initiated coverage on shares of AtriCure in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a hold rating and five 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 an average target price of $59.83.

Institutional Trading of AtriCure

A number of institutional investors and hedge funds have recently made changes to their positions in ATRC. Almanack Investment Partners LLC. acquired a new stake in shares of AtriCure during the third quarter worth $43,000. Point72 Hong Kong Ltd purchased a new stake in AtriCure during the second quarter worth about $68,000. Lazard Asset Management LLC increased its stake in shares of AtriCure by 29.7% in the third quarter. Lazard Asset Management LLC now owns 1,818 shares of the medical device company’s stock worth $71,000 after purchasing an additional 416 shares in the last quarter. Point72 Middle East FZE purchased a new position in shares of AtriCure in the fourth quarter worth about $83,000. Finally, First Horizon Advisors Inc. increased its stake in shares of AtriCure by 37.5% in the third quarter. First Horizon Advisors Inc. now owns 1,975 shares of the medical device company’s stock worth $76,000 after purchasing an additional 539 shares in the last quarter. Institutional investors own 95.27% of the company’s stock.

AtriCure Price Performance

The firm’s 50 day moving average price is $40.70 and its two-hundred day moving average price is $42.13. The stock has a market cap of $2.29 billion, a PE ratio of -47.85 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.69 and a quick ratio of 2.90.

AtriCure Company Profile

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AtriCure, Inc engages in the development, manufacture, and sale of surgical ablation of cardiac tissue, and systems for the exclusion of the left atrial appendage. Its products include radio frequency (RF) ablation pacing and sensing, cryo, left atrial appendage management, soft tissue dissection, estech surgical instrumentation, and cart configuration.

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