Acutus Medical (NASDAQ:AFIB) Downgraded to Hold at UBS Group

UBS Group cut shares of Acutus Medical (NASDAQ:AFIB) from a buy rating to a hold rating in a report issued on Friday morning, The Fly reports.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group initiated coverage on Acutus Medical in a research note on Friday, October 22nd. They issued a neutral rating and a $10.00 price target for the company. dropped their price target on Acutus Medical from $18.00 to $10.00 and set a buy rating for the company in a research note on Friday, November 12th. JPMorgan Chase & Co. cut Acutus Medical from a neutral rating to an underweight rating in a report on Friday, November 12th. BTIG Research reaffirmed a buy rating and set a $8.00 price objective on shares of Acutus Medical in a report on Monday, November 29th. Finally, Zacks Investment Research raised Acutus Medical from a sell rating to a hold rating in a report on Wednesday. One investment 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’s stock. According to MarketBeat.com, Acutus Medical has a consensus rating of Hold and an average target price of $12.29.

Shares of NASDAQ:AFIB opened at $2.66 on Friday. The stock has a 50 day moving average of $3.71 and a 200 day moving average of $9.06. The company has a current ratio of 8.57, a quick ratio of 7.75 and a debt-to-equity ratio of 0.30. Acutus Medical has a 12-month low of $2.51 and a 12-month high of $29.95.

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

In related news, Director James F. Hinrichs purchased 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 15th. The shares were bought at an average price of $3.78 per share, for a total transaction of $151,200.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 24.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its stake in Acutus Medical by 120.7% in the second quarter. Royal Bank of Canada now owns 3,743 shares of the company’s stock worth $64,000 after purchasing an additional 2,047 shares during the period. Deutsche Bank AG grew its position in shares of Acutus Medical by 24.1% during the 3rd quarter. Deutsche Bank AG now owns 11,358 shares of the company’s stock worth $100,000 after buying an additional 2,203 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Acutus Medical during the 3rd quarter worth $105,000. S.A. Mason LLC bought a new position in shares of Acutus Medical during the 3rd quarter worth $126,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Acutus Medical during the 3rd quarter worth $138,000. Institutional investors and hedge funds own 93.39% of the company’s stock.

About Acutus Medical

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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