iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 4.6% – Here’s What Happened

Shares of iRhythm Technologies (NASDAQ:IRTC) were down 4.6% during trading on Thursday . The stock traded as low as $119.27 and last traded at $119.5220. Approximately 95,497 shares were traded during mid-day trading, a decline of 84% from the average session volume of 611,518 shares. The stock had previously closed at $125.34.

Analyst Ratings Changes

A number of research firms have recently weighed in on IRTC. The Goldman Sachs Group cut their price target on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Canaccord Genuity Group cut their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Truist Financial reduced their price target on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Finally, Wells Fargo & Company lowered their price objective on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $187.38.

iRhythm Technologies Stock Down 5.4%

The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of -137.89 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The business’s 50 day moving average is $115.32 and its 200-day moving average is $133.42.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.97) earnings per share. Equities analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 5,312 shares of the stock in a transaction on Monday, May 11th. The shares were purchased at an average price of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently modified their holdings of IRTC. Measured Wealth Private Client Group LLC bought a new position in iRhythm Technologies during the third quarter worth $30,000. GAMMA Investing LLC boosted its holdings in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares during the period. FNY Investment Advisers LLC acquired a new stake in iRhythm Technologies in the 3rd quarter worth $34,000. Employees Retirement System of Texas bought a new stake in shares of iRhythm Technologies in the third quarter valued at about $36,000. Finally, Harbor Investment Advisory LLC acquired a new stake in iRhythm Technologies during the second quarter worth about $50,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.