iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 5.5% – Here’s What Happened

iRhythm Technologies (NASDAQ:IRTC)’s stock price fell 5.5% on Wednesday . The stock traded as low as $105.15 and last traded at $102.8140. 452,815 shares changed hands during trading, a decline of 25% from the average session volume of 602,315 shares. The stock had previously closed at $108.84.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IRTC. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 30th. Wells Fargo & Company dropped their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings lowered iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Citigroup upped their target price on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Finally, Needham & Company LLC upped their target price on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $187.38.

iRhythm Technologies Stock Performance

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 company has a market cap of $3.33 billion, a PE ratio of -117.89 and a beta of 1.27. The stock’s 50 day simple moving average is $116.85 and its two-hundred day simple moving average is $140.09.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. iRhythm Technologies’s revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.97) earnings per share. As a group, research analysts anticipate that iRhythm Technologies will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi grew its stake in iRhythm Technologies by 48.4% during the first quarter. Amundi now owns 49,575 shares of the company’s stock worth $5,851,000 after buying an additional 16,165 shares during the period. California State Teachers Retirement System grew its stake in iRhythm Technologies by 22.1% during the first quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock worth $4,405,000 after buying an additional 6,763 shares during the period. Rock Springs Capital Management LP grew its stake in iRhythm Technologies by 11.4% during the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after buying an additional 26,750 shares during the period. The Manufacturers Life Insurance Company grew its stake in iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after buying an additional 194,502 shares during the period. Finally, Quantinno Capital Management LP grew its stake in iRhythm Technologies by 1,172.8% during the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after buying an additional 17,158 shares during the period.

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.