iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 7.7% – What’s Next?

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

Wall Street Analysts Forecast Growth

IRTC has been the topic of several analyst reports. Canaccord Genuity Group increased their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Robert W. Baird cut 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. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Wells Fargo & Company reissued an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Finally, Oppenheimer upped their price objective on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $108.45.

iRhythm Technologies Price Performance

The company has a 50-day moving average of $86.63 and a 200 day moving average of $80.43. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market cap of $2.83 billion, a P/E ratio of -18.60 and a beta of 1.26.

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

Insider Transactions at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction 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 transaction, the insider now owns 35,327 shares of the company’s stock, 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 SEC, which is available through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction dated 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 directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Harbor Capital Advisors Inc. increased its holdings 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 purchasing an additional 58,448 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of iRhythm Technologies in the 3rd quarter valued at about $1,497,000. Eagle Asset Management Inc. grew its holdings in iRhythm Technologies by 44.9% during the third quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock valued at $7,473,000 after purchasing an additional 31,193 shares during the period. Lighthouse Investment Partners LLC bought a new position in shares of iRhythm Technologies during the second quarter worth $2,071,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of iRhythm Technologies by 6.4% in the second quarter. The Manufacturers Life Insurance Company now owns 183,046 shares of the company’s stock worth $19,703,000 after acquiring an additional 11,031 shares in the last quarter.

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.