iRhythm Technologies (NASDAQ:IRTC) Shares Down 4.6% – Here’s What Happened

iRhythm Technologies (NASDAQ:IRTC) shares dropped 4.6% during mid-day trading on Thursday . The company traded as low as $119.27 and last traded at $119.5220. Approximately 95,497 shares were traded during trading, a decline of 84% from the average session volume of 611,518 shares. The stock had previously closed at $125.34.

Analysts Set New Price Targets

Several research firms recently issued reports on IRTC. Citigroup lifted their price objective on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, May 4th. BTIG Research reaffirmed a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a research note on Monday, June 22nd. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. The Goldman Sachs Group dropped their price objective on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Finally, Bank of America cut their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.38.

iRhythm Technologies Stock Down 1.5%

The stock has a market capitalization of $3.82 billion, a PE ratio of -135.03 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The stock’s 50-day moving average price is $115.08 and its two-hundred day moving average price is $132.91.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. 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 business earned ($0.97) earnings per share. The business’s revenue was up 25.6% on a year-over-year basis. As a group, analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the purchase, the director owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jain Global LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth about $22,547,000. Holocene Advisors LP boosted its holdings in shares of iRhythm Technologies by 51.2% during the 3rd quarter. Holocene Advisors LP now owns 473,280 shares of the company’s stock valued at $81,399,000 after acquiring an additional 160,186 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $3,439,800,000. Hussman Strategic Advisors Inc. bought a new stake in shares of iRhythm Technologies in the fourth quarter worth approximately $2,608,000. Finally, Cinctive Capital Management LP bought a new stake in shares of iRhythm Technologies in the third quarter worth approximately $4,823,000.

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.