iRhythm Technologies (NASDAQ:IRTC) Trading Down 4.6% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several analysts have commented on IRTC shares. BTIG Research restated a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a report on Monday, June 22nd. Needham & Company LLC upped their price target on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Truist Financial dropped their target price on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Bank of America cut their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Finally, Wells Fargo & Company decreased their target price on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $187.38.

iRhythm Technologies Trading Down 5.4%

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

iRhythm Technologies (NASDAQ:IRTC) last issued 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. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. During the same period last year, the company posted ($0.97) EPS. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. Analysts expect that iRhythm Technologies will post 0.13 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of the business. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $30,000. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of iRhythm Technologies during the 3rd quarter worth about $34,000. Employees Retirement System of Texas acquired a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $36,000. Finally, Harbor Investment Advisory LLC bought a new stake in shares of iRhythm Technologies in the 2nd quarter valued at approximately $50,000.

About iRhythm Technologies

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.