iRhythm Technologies (NASDAQ:IRTC) Shares Down 5.3% After Analyst Downgrade

iRhythm Technologies (NASDAQ:IRTC) was down 5.3% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $174.00 to $160.00. Truist Financial currently has a buy rating on the stock. iRhythm Technologies traded as low as $108.30 and last traded at $109.24. 313,165 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 609,697 shares. The stock had previously closed at $115.35.

Several other brokerages have also weighed in on IRTC. Needham & Company LLC increased their target price on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. BTIG Research restated a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a research report on Monday, June 22nd. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research report on Monday, June 1st. Finally, Canaccord Genuity Group decreased their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Two equities research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $186.62.

Insider Activity at iRhythm Technologies

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IRTC. Tudor Investment Corp ET AL acquired a new stake in iRhythm Technologies in the third quarter worth approximately $3,439,800,000. Vanguard Group Inc. increased its position in shares of iRhythm Technologies by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after purchasing an additional 70,420 shares during the period. RTW Investments LP acquired a new position in shares of iRhythm Technologies during the 4th quarter valued at $209,732,000. Geode Capital Management LLC increased its position in shares of iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after purchasing an additional 68,301 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of iRhythm Technologies by 45.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after buying an additional 259,800 shares in the last quarter.

iRhythm Technologies Stock Down 5.2%

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 company has a market cap of $3.59 billion, a P/E ratio of -127.10 and a beta of 1.27. The stock has a 50 day moving average price of $114.48 and a 200 day moving average price of $130.84.

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

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.