iRhythm Technologies (NASDAQ:IRTC) Trading Down 3.3% - Here's What Happened

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) was down 3.3% during trading on Friday . The stock traded as low as $86.06 and last traded at $86.06. Approximately 60,083 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 473,410 shares. The stock had previously closed at $89.02.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on IRTC shares. Robert W. Baird lowered their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating on the stock in a research note on Friday, November 1st. JPMorgan Chase & Co. dropped their target price on shares of iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. StockNews.com downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Friday, September 27th. The Goldman Sachs Group began coverage on iRhythm Technologies in a report on Friday, October 4th. They set a "neutral" rating and a $78.00 price target on the stock. Finally, Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.50.

iRhythm Technologies Stock Down 2.3 %

The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm has a market cap of $2.72 billion, a P/E ratio of -17.89 and a beta of 1.23. The company has a fifty day simple moving average of $74.17 and a 200-day simple moving average of $81.59.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business had revenue of $147.54 million for the quarter, compared to analysts' expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.89) earnings per share. On average, equities analysts anticipate that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar acquired 6,664 shares of iRhythm Technologies stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the purchase, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now directly owns 159,929 shares of the company's stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. raised its stake in iRhythm Technologies by 272.0% in the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company's stock valued at $5,935,000 after buying an additional 58,448 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of iRhythm Technologies by 361.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company's stock valued at $5,270,000 after purchasing an additional 38,344 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in iRhythm Technologies by 14.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company's stock worth $51,192,000 after purchasing an additional 60,560 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in iRhythm Technologies in the 3rd quarter worth approximately $1,497,000. Finally, Eagle Asset Management Inc. grew its position in iRhythm Technologies by 44.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company's stock worth $7,473,000 after purchasing an additional 31,193 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.