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AtriCure (ATRC) Soars 8.8%: Is Further Upside Left in the Stock?

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AtriCure (ATRC) shares rallied 8.8% in the last trading session to close at $76. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.6% gain over the past four weeks.

AtriCure witnessed solid price appreciation following the announcement that it has received US FDA approval for its EPi-Sense System for treatment of patients detected with long-standing persistent Atrial fibrillation (Afib). Market is also optimistic regarding the company’s revenue growth (11.4%) in first-quarter 2021 results, with U.S. revenues registering growth of 15.7%.

Price and Consensus

Price Consensus Chart for ATRC
Price Consensus Chart for ATRC

This medical device maker is expected to post quarterly loss of $0.34 per share in its upcoming report, which represents a year-over-year change of -70%. Revenues are expected to be $59.58 million, up 46% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For AtriCure, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ATRC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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