iRhythm Technologies (NASDAQ:IRTC) Hits New 1-Year Low – Here’s Why

iRhythm Technologies (NASDAQ:IRTC) reached a new 52-week low during trading on Thursday. The company traded as low as $100.70 and last traded at $100.7550, with a volume of 131106 shares. The stock had previously closed at $104.99.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Needham & Company LLC increased their price objective on shares of iRhythm Technologies from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company dropped their target price on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Monday, September 14th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Finally, Truist Financial raised their price target on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $178.79.

iRhythm Technologies Price Performance

The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The firm’s 50-day moving average price is $118.07 and its 200-day moving average price is $116.98. The stock has a market capitalization of $3.36 billion, a PE ratio of -236.19 and a beta of 1.45.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter last year, the business posted ($0.32) earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. On average, equities analysts forecast that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of IRTC. Versant Capital Management Inc boosted its stake in iRhythm Technologies by 123.2% during the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock worth $25,000 after buying an additional 122 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of iRhythm Technologies in the second quarter valued at $50,000. Assetmark Inc. raised its stake in shares of iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after acquiring an additional 190 shares during the period. MidFirst Bank bought a new stake in shares of iRhythm Technologies in the 4th quarter worth about $235,000. Finally, Rockefeller Capital Management L.P. boosted its stake in shares of iRhythm Technologies by 89.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after purchasing an additional 644 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.