iRhythm Technologies (NASDAQ:IRTC) Trading Down 7.7% - Here's Why

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) were down 7.7% during trading on Monday . The company traded as low as $86.99 and last traded at $90.20. Approximately 68,596 shares were traded during trading, a decline of 78% from the average daily volume of 312,471 shares. The stock had previously closed at $97.70.

Analyst Upgrades and Downgrades

A number of analysts have commented on IRTC shares. Wells Fargo & Company restated an "equal weight" rating and set a $86.00 price target on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Truist Financial upped their target price on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, December 18th. Robert W. Baird reduced their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $96.00 to $112.00 and gave the stock a "buy" rating in a research note on Monday. Finally, The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a "neutral" rating and a $78.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $108.45.

iRhythm Technologies Price Performance

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 business's 50-day simple moving average is $86.90 and its 200 day simple moving average is $80.36. The firm has a market capitalization of $2.96 billion, a P/E ratio of -19.46 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the previous year, the business earned ($0.89) earnings per share. The firm's revenue was up 18.4% on a year-over-year basis. Sell-side analysts forecast that iRhythm Technologies, Inc. will post -3.35 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the stock in a transaction on Monday, November 4th. The stock was acquired at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares of the company's stock, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Michael Murphy sold 2,492 shares of the firm's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares of the company's stock, valued at $3,034,236.03. This represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.68% of the company's stock.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its holdings in iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company's stock worth $153,745,000 after buying an additional 80,091 shares in the last quarter. State Street Corp grew its stake in shares of iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company's stock valued at $67,473,000 after purchasing an additional 11,992 shares during the period. Braidwell LP grew its stake in shares of iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company's stock valued at $58,097,000 after purchasing an additional 256,200 shares during the period. Eventide Asset Management LLC grew its stake in shares of iRhythm Technologies by 170.8% during the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company's stock valued at $54,694,000 after purchasing an additional 464,629 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company's stock valued at $54,451,000 after purchasing an additional 5,423 shares during the period.

iRhythm Technologies Company Profile

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.