Harbor Capital Advisors Inc., an investment firm, recently purchased a new position in AtriCure, Inc. (NASDAQ:ATRC) during the second quarter of this year. According to its filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors acquired 17,850 shares of AtriCure, valued at approximately $881,000.
AtriCure, a medical device company, released its quarterly earnings results on July 25th. The company reported earnings per share of ($0.12) for the quarter, surpassing analysts’ consensus estimates by $0.15. It generated revenue of $100.92 million for the same period, compared to the consensus estimate of $97.55 million. Despite a negative net margin of 7.67% and a negative return on equity of 7.11%, AtriCure experienced a 19.4% increase in quarterly revenue on a year-over-year basis. In the previous year’s corresponding quarter, the company earned ($0.32) EPS. Analysts predict that AtriCure will post -0.93 earnings per share for the current fiscal year.
Numerous research analyst reports have centered around ATRC’s performance lately. Piper Sandler increased their price objective for the stock from $55 to $65 in a research note published on July 26th. Stifel Nicolaus also raised their price objective from $50 to $59 on the same date. StockNews.com initiated coverage on AtriCure with a “hold” rating on August 17th while BTIG Research raised their price objective from $56 to $68 on July 26th in another research note. Additionally, Needham & Company LLC increased their price objective from $60 to $68 and gave AtriCure’s stock a “buy” rating on July 26th as well.
Overall, data from Bloomberg reveals that AtriCure has a consensus rating of “Moderate Buy” and a consensus target price of $66.80. While one research analyst has assigned a hold rating to the stock, four have issued buy ratings.
These recent developments in AtriCure’s financial performance and the recognition from industry analysts highlight the potential growth and value associated with the medical device company. Investors and market enthusiasts continue to closely monitor its progress as it navigates through future challenges and opportunities in the healthcare sector.
Sovos Brands, Inc.
Updated on: 19/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
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Investment Frenzy and Growing Confidence: AtriCure Attracts Hedge Funds and Institutional Investors
September 19, 2023 – AtriCure, Inc., a renowned medical device company, has attracted the attention of various hedge funds and institutional investors. Recent reports have revealed that several hedge funds have either increased or decreased their stakes in the company. One notable addition is Almanack Investment Partners LLC., which acquired a new position in AtriCure during the third quarter with an investment worth approximately $43,000. Similarly, Point72 Hong Kong Ltd and Point72 Middle East FZE also bought new positions in the company during the second and fourth quarters respectively, amounting to approximately $68,000 and $83,000.
Another key player in this investment frenzy is Rockefeller Capital Management L.P. The firm raised its holdings in AtriCure by 15% during the fourth quarter. As a result, Rockefeller Capital Management L.P. now possesses 2,444 shares of AtriCure’s stock valued at $108,000 after acquiring an additional 319 shares in the last quarter. Additionally, Quantbot Technologies LP entered the race by acquiring a new stake in AtriCure worth $117,000 during the second quarter.
These investments indicate growing confidence in both AtriCure’s potential and its future prospects within the industry. Institutional investors collectively own a significant portion of the company’s stock at approximately 94.30%.
In other news surrounding AtriCure, insider Karl S. Dahlquist recently sold 3,417 shares of the business’s stock on July 26th at an average price of $57.09 per share. This transaction amounted to a total value of $195,076.53. With this sale concluded, Dahlquist is now left with direct ownership of 32,037 shares in the company—valued at approximately $1,828,992.33.
The Securities & Exchange Commission requires companies to disclose such sales transactions as part of their regulatory obligations. Interested individuals can access additional details about this particular sale by visiting the hyperlink provided in the filing.
As of Tuesday, AtriCure’s shares traded at $43.46 on NASDAQ. The company’s 50-day moving average stands at $49.85, while the 200-day moving average is $46.48. With a debt-to-equity ratio of 0.12, the company boasts an impressive quick ratio of 2.56 and a current ratio of 3.33—a testament to its strong financial position.
With a market capitalization of $2.06 billion, AtriCure continues to be an influential player in the medical device industry, offering innovative solutions through continuous research and development efforts. Despite experiencing fluctuations between its fifty-two week low of $32.51 and high of $59.61, AtriCure remains committed to delivering groundbreaking products that improve patient outcomes and push the boundaries of medical technology.
Investors and industry observers eagerly await further developments from AtriCure as it solidifies its presence and explores new avenues for growth in the healthcare landscape.