AtriCure, Inc. (NASDAQ:ATRC) Short Interest Update

AtriCure, Inc. (NASDAQ:ATRC) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 3,290,000 shares, a drop of 8.4% from the September 30th total of 3,590,000 shares. Based on an average trading volume of 622,900 shares, the days-to-cover ratio is presently 5.3 days.

AtriCure Stock Down 4.7 %

Shares of NASDAQ:ATRC opened at $33.18 on Friday. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -39.98 and a beta of 1.44. The company has a quick ratio of 2.93, a current ratio of 4.13 and a debt-to-equity ratio of 0.16. AtriCure has a 12-month low of $18.94 and a 12-month high of $43.00. The business’s 50 day moving average is $27.86 and its 200 day moving average is $24.43.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Piper Sandler lowered their target price on AtriCure from $65.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus lowered their target price on AtriCure from $30.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Oppenheimer lifted their target price on AtriCure from $32.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday. Needham & Company LLC lifted their target price on AtriCure from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. boosted their price objective on AtriCure from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.11.

Insider Transactions at AtriCure

In other news, Director Maggie Yuen sold 3,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $24.07, for a total transaction of $84,245.00. Following the completion of the transaction, the director now directly owns 8,970 shares in the company, valued at $215,907.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board boosted its position in AtriCure by 187.7% in the second quarter. Canada Pension Plan Investment Board now owns 110,669 shares of the medical device company’s stock worth $2,520,000 after purchasing an additional 72,200 shares during the last quarter. Kennedy Capital Management LLC boosted its position in AtriCure by 115.5% in the first quarter. Kennedy Capital Management LLC now owns 227,193 shares of the medical device company’s stock worth $6,911,000 after purchasing an additional 121,752 shares during the last quarter. Renaissance Technologies LLC boosted its position in AtriCure by 12.8% in the second quarter. Renaissance Technologies LLC now owns 171,700 shares of the medical device company’s stock worth $3,910,000 after purchasing an additional 19,500 shares during the last quarter. SG Americas Securities LLC purchased a new position in AtriCure in the third quarter worth $488,000. Finally, Orion Portfolio Solutions LLC boosted its position in AtriCure by 26.7% in the first quarter. Orion Portfolio Solutions LLC now owns 68,121 shares of the medical device company’s stock worth $2,072,000 after purchasing an additional 14,360 shares during the last quarter. Hedge funds and other institutional investors 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.