AtriCure (NASDAQ:ATRC) Shares Break Below 50 Day Moving Average – Time to Sell?

AtriCure, Inc. (NASDAQ:ATRC)’s stock price passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $57.15 and traded as low as $54.74. AtriCure shares last traded at $56.26, with a volume of 838,143 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ATRC. Citigroup reissued a “market outperform” rating on shares of AtriCure in a research report on Wednesday, October 21st. UBS Group downgraded AtriCure from a “buy” rating to a “sell” rating in a report on Wednesday, October 21st. Raymond James Financial set a $52.00 price target on shares of AtriCure in a report on Tuesday, July 21st. Stifel Nicolaus set a $70.00 price objective on shares of AtriCure in a research note on Thursday. Finally, Freedom Capital lowered AtriCure from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.30.

AtriCure Stock Down 2.7%

The company has a current ratio of 4.33, a quick ratio of 3.29 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 140.32 and a beta of 1.23. The firm’s fifty day simple moving average is $57.39 and its two-hundred day simple moving average is $39.08.

AtriCure (NASDAQ:ATRC) last announced its quarterly earnings results on Tuesday, November 3rd. The medical device company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.23. AtriCure had a net margin of 2.52% and a return on equity of 4.01%. The business had revenue of $154.45 million during the quarter, compared to the consensus estimate of $151.05 million. Sell-side analysts anticipate that AtriCure, Inc. will post 0.44 EPS for the current year.

Insider Activity

In other news, insider Karl Dahlquist sold 9,370 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $48.89, for a total value of $458,099.30. Following the transaction, the insider owned 87,319 shares of the company’s stock, valued at $4,269,025.91. This represents a 9.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Regina Groves sold 5,313 shares of the stock in a transaction on Friday, September 11th. The stock was sold at an average price of $54.22, for a total value of $288,070.86. Following the transaction, the director owned 34,546 shares of the company’s stock, valued at approximately $1,873,084.12. This represents a 13.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 39,026 shares of company stock valued at $2,172,263 in the last quarter. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ATRC. First Trust Advisors LP boosted its stake in AtriCure by 56.6% during the third quarter. First Trust Advisors LP now owns 75,790 shares of the medical device company’s stock worth $4,259,000 after buying an additional 27,383 shares during the period. Focus Advisor Solutions LLC purchased a new stake in shares of AtriCure in the 3rd quarter valued at approximately $207,000. Voya Investment Management LLC raised its stake in shares of AtriCure by 12.8% in the 3rd quarter. Voya Investment Management LLC now owns 31,946 shares of the medical device company’s stock valued at $1,795,000 after acquiring an additional 3,633 shares during the period. Public Sector Pension Investment Board acquired a new position in shares of AtriCure in the 3rd quarter worth approximately $14,846,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of AtriCure by 25.5% in the 3rd quarter. Global Retirement Partners LLC now owns 2,352 shares of the medical device company’s stock worth $132,000 after acquiring an additional 478 shares during the last quarter. Institutional investors and hedge funds own 99.11% of the company’s stock.

AtriCure Company Profile

AtriCure, Inc. is a medical technology company that develops and sells products for the treatment of atrial fibrillation and other conditions addressed through cardiac surgery. Its technologies are used by surgeons and other medical professionals in hospital settings. The company’s products include surgical ablation systems designed to treat irregular heart rhythms and devices for managing the left atrial appendage, a small pouch in the heart associated with stroke risk in some patients with atrial fibrillation.