iRhythm Technologies (NASDAQ:IRTC) Shares Down 4.8% – What’s Next?

iRhythm Technologies (NASDAQ:IRTC)’s share price was down 4.8% during trading on Friday . The stock traded as low as $180.40 and last traded at $180.1950. Approximately 209,824 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 241,609 shares. The stock had previously closed at $189.25.

Analyst Ratings Changes

IRTC has been the topic of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a report on Wednesday, October 8th. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $193.00 to $244.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a report on Friday, October 31st. Morgan Stanley upped their target price on shares of iRhythm Technologies from $195.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, December 2nd. Finally, Evercore ISI raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $194.00 to $210.00 in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $215.77.

iRhythm Technologies Trading Down 5.2%

The business has a 50 day simple moving average of $177.46 and a 200 day simple moving average of $168.09. The company has a debt-to-equity ratio of 5.32, a current ratio of 4.63 and a quick ratio of 4.50. The company has a market cap of $5.78 billion, a price-to-earnings ratio of -111.45 and a beta of 1.12.

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

Insider Transactions at iRhythm Technologies

In related news, CFO Daniel G. Wilson sold 8,000 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $207.44, for a total value of $1,659,520.00. Following the transaction, the chief financial officer owned 26,470 shares in the company, valued at $5,490,936.80. This trade represents a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 14,059 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the completion of the transaction, the chief executive officer directly owned 164,979 shares in the company, valued at $30,181,258.26. This trade 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 worth $4,741,235. 1.10% of the stock is owned by insiders.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies during the third quarter worth $30,000. Measured Wealth Private Client Group LLC acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth about $30,000. GAMMA Investing LLC increased its stake in shares of 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 acquiring an additional 60 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after acquiring an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of iRhythm Technologies in the 3rd quarter valued at approximately $34,000.

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.