iRhythm Technologies (NASDAQ:IRTC) Trading Down 4.8% – Here’s Why

iRhythm Technologies (NASDAQ:IRTC) fell 4.8% during mid-day trading on Friday . The company traded as low as $180.40 and last traded at $180.1950. 209,824 shares traded hands during trading, a decline of 13% from the average session volume of 241,609 shares. The stock had previously closed at $189.25.

Analyst Ratings Changes

Several research firms have weighed in on IRTC. The Goldman Sachs Group increased their target price on shares of iRhythm Technologies from $180.00 to $202.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. Canaccord Genuity Group increased their price target on iRhythm Technologies from $193.00 to $212.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Evercore ISI upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $194.00 to $210.00 in a report on Monday. Finally, Morgan Stanley boosted their price objective on iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.77.

iRhythm Technologies Stock Performance

The stock’s 50-day moving average price is $177.46 and its 200 day moving average price is $168.09. The firm has a market cap of $5.78 billion, a P/E ratio of -111.45 and a beta of 1.12. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The firm had revenue of $192.88 million for the quarter, compared to analyst estimates of $184.75 million. During the same period in the previous year, the business earned ($1.26) EPS. The company’s revenue was up 30.8% compared to the same quarter last year. As a group, equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the completion of the transaction, the insider directly owned 53,281 shares in the company, valued at $9,847,927.23. This trade represents a 4.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Quentin S. Blackford sold 14,059 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $182.94, for a total value of $2,571,953.46. Following the sale, the chief executive officer owned 164,979 shares in the company, valued at approximately $30,181,258.26. This represents a 7.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 24,817 shares of company stock valued at $4,741,235. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently added to or reduced their stakes in IRTC. Royal Bank of Canada grew its position in shares of iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after acquiring an additional 6,125 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in iRhythm Technologies by 2.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,271 shares of the company’s stock valued at $3,692,000 after purchasing an additional 922 shares during the last quarter. Goldman Sachs Group Inc. increased its position in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after buying an additional 108,941 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in iRhythm Technologies by 169.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company’s stock valued at $94,535,000 after buying an additional 568,261 shares during the period. Finally, Intech Investment Management LLC lifted its position in shares of iRhythm Technologies by 17.1% in the first quarter. Intech Investment Management LLC now owns 17,484 shares of the company’s stock valued at $1,830,000 after buying an additional 2,557 shares during the last quarter.

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.