iRhythm Technologies (NASDAQ:IRTC) Shares Down 3.3% – Here’s Why

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares dropped 3.3% during mid-day trading on Friday . The stock traded as low as $86.06 and last traded at $86.06. Approximately 60,083 shares changed hands during 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

IRTC has been the topic of several analyst reports. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Robert W. Baird dropped their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. Finally, Canaccord Genuity Group upped their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Stock Performance

The company has a market cap of $2.72 billion, a P/E ratio of -18.32 and a beta of 1.23. 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 stock has a 50 day moving average price of $73.83 and a two-hundred day moving average price of $81.79.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. iRhythm Technologies’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.89) EPS. On average, research analysts predict that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently modified their holdings of IRTC. Russell Investments Group Ltd. boosted its holdings in shares of iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after acquiring an additional 1,594 shares in the last quarter. Comerica Bank boosted its holdings in shares of iRhythm Technologies by 5,033.5% during the 1st quarter. Comerica Bank now owns 38,963 shares of the company’s stock valued at $4,520,000 after acquiring an additional 38,204 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of iRhythm Technologies by 377.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 21,490 shares of the company’s stock valued at $2,313,000 after acquiring an additional 16,988 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of iRhythm Technologies by 32.9% during the 2nd quarter. Diversified Trust Co now owns 6,559 shares of the company’s stock valued at $706,000 after acquiring an additional 1,625 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of iRhythm Technologies by 361.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after acquiring an additional 38,344 shares in 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.