Zacks Investment Research Upgrades Acutus Medical (NASDAQ:AFIB) to Hold

Zacks Investment Research upgraded shares of Acutus Medical (NASDAQ:AFIB) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Acutus Medical Inc. is an arrhythmia management company. It focused on the way cardiac arrhythmias are diagnosed and treated. Acutus Medical Inc. is based in Carlsbad, California. “

A number of other research firms also recently weighed in on AFIB. JPMorgan Chase & Co. downgraded shares of Acutus Medical from a neutral rating to an underweight rating in a report on Friday, November 12th. BTIG Research restated a buy rating and issued a $8.00 target price on shares of Acutus Medical in a report on Monday, November 29th. The Goldman Sachs Group initiated coverage on shares of Acutus Medical in a report on Friday, October 22nd. They issued a neutral rating and a $10.00 target price on the stock. Finally, reduced their target price on shares of Acutus Medical from $18.00 to $10.00 and set a buy rating on the stock in a report on Friday, November 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Acutus Medical has a consensus rating of Hold and a consensus price target of $12.29.

Shares of NASDAQ AFIB opened at $2.66 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 7.75 and a current ratio of 8.57. The company has a market cap of $74.35 million, a P/E ratio of -0.66 and a beta of 2.58. The firm’s fifty day moving average is $3.71 and its two-hundred day moving average is $9.06. Acutus Medical has a 52-week low of $2.51 and a 52-week high of $29.95.

Acutus Medical (NASDAQ:AFIB) last announced its quarterly earnings results on Thursday, November 11th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.02). The company had revenue of $4.60 million during the quarter, compared to the consensus estimate of $6.02 million. Acutus Medical had a negative net margin of 748.44% and a negative return on equity of 107.24%. During the same quarter in the prior year, the firm posted ($1.18) earnings per share. As a group, analysts forecast that Acutus Medical will post -4 EPS for the current fiscal year.

In related news, Director James F. Hinrichs acquired 40,000 shares of the stock in a transaction on Monday, November 15th. The stock was bought at an average cost of $3.78 per share, with a total value of $151,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 24.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC purchased a new stake in Acutus Medical in the 3rd quarter valued at about $225,000. Two Sigma Advisers LP purchased a new stake in Acutus Medical in the 3rd quarter valued at about $710,000. Two Sigma Investments LP purchased a new stake in shares of Acutus Medical in the 3rd quarter worth approximately $1,625,000. Millennium Management LLC lifted its position in shares of Acutus Medical by 261.3% in the 3rd quarter. Millennium Management LLC now owns 1,377,280 shares of the company’s stock worth $12,175,000 after purchasing an additional 996,088 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Acutus Medical in the 3rd quarter worth approximately $295,000. 93.39% of the stock is owned by institutional investors.

Acutus Medical Company Profile

Acutus Medical, Inc, an arrhythmia management company, designs, manufactures, and markets a range of tools for catheter-based ablation procedures to treat various arrhythmias in the United States and internationally. Its product portfolio includes novel access sheaths, transseptal crossing tools, diagnostic and mapping catheters, conventional and contact force ablation catheters, and mapping and imaging consoles and accessories, as well as supporting algorithms and software programs.

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