iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 5%

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report)'s stock price was down 5% on Thursday . The company traded as low as $65.06 and last traded at $65.50. Approximately 63,673 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 432,827 shares. The stock had previously closed at $68.98.

Analysts Set New Price Targets

IRTC has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Morgan Stanley reduced their target price on iRhythm Technologies from $135.00 to $130.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. StockNews.com downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Friday, August 30th. Needham & Company LLC decreased their target price on iRhythm Technologies from $138.00 to $119.00 and set a "buy" rating for the company in a report on Friday, August 2nd. Finally, Oppenheimer cut their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $118.67.

iRhythm Technologies Price Performance

The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The company's 50-day simple moving average is $82.92 and its 200-day simple moving average is $97.08. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -15.42 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analysts' expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business's revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.61) EPS. On average, equities research analysts anticipate that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares of the company's stock, valued at $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold 6,476 shares of company stock worth $521,081 over the last ninety days. 0.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRTC. Truist Financial Corp raised its stake in shares of iRhythm Technologies by 7.6% in the 4th quarter. Truist Financial Corp now owns 16,226 shares of the company's stock valued at $1,737,000 after acquiring an additional 1,140 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of iRhythm Technologies by 22.3% in the 4th quarter. Victory Capital Management Inc. now owns 4,070 shares of the company's stock valued at $436,000 after acquiring an additional 743 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in iRhythm Technologies by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 239,659 shares of the company's stock worth $25,653,000 after buying an additional 3,486 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company's stock worth $772,000 after buying an additional 113 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of iRhythm Technologies by 41.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,985 shares of the company's stock worth $1,211,000 after buying an additional 3,507 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.