iRhythm Technologies (NASDAQ:IRTC) Trading Down 7.7% – Time to Sell?

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IRTC shares. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Oppenheimer raised their price target on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, January 8th. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $96.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.45.

iRhythm Technologies Stock Up 4.7 %

The stock has a market capitalization of $3.10 billion, a P/E ratio of -20.37 and a beta of 1.26. The stock has a 50 day moving average price of $87.14 and a 200-day moving average price of $80.30. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results 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). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company 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. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. As a group, research analysts expect that iRhythm Technologies, Inc. will post -3.35 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction 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 completion of the sale, the chief executive officer now owns 159,929 shares in the company, valued at approximately $12,380,103.89. This trade represents 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 have recently added to or reduced their stakes in IRTC. Mackenzie Financial Corp increased its position in shares of iRhythm Technologies by 5.9% during the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after buying an additional 80,091 shares during the period. State Street Corp boosted its position in 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 acquiring an additional 11,992 shares in the last quarter. Braidwell LP grew its holdings in shares of iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after acquiring an additional 256,200 shares during the period. Eventide Asset Management LLC grew its holdings 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 worth $54,694,000 after acquiring an additional 464,629 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of iRhythm Technologies by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after acquiring an additional 5,423 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.