iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 6.7%

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price dropped 6.7% during mid-day trading on Tuesday . The company traded as low as $69.26 and last traded at $69.28. Approximately 133,408 shares traded hands during trading, a decline of 70% from the average daily volume of 438,402 shares. The stock had previously closed at $74.24.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IRTC shares. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a research report on Thursday, June 20th. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Needham & Company LLC lowered their price objective on shares of 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 reduced their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $120.33.

iRhythm Technologies Stock Down 3.2 %

The stock’s 50 day simple moving average is $73.72 and its two-hundred day simple moving average is $92.22. The firm has a market cap of $2.24 billion, a P/E ratio of -16.86 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same quarter last year, the company earned ($0.61) EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, research analysts forecast that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Chad Patterson sold 3,012 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mervin Smith sold 688 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the transaction, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,072 shares of company stock worth $372,748. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC boosted its holdings in iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after buying an additional 426 shares during the period. Nisa Investment Advisors LLC grew its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of iRhythm Technologies in the first quarter worth about $126,000. Russell Investments Group Ltd. lifted its position in shares of iRhythm Technologies by 79,700.0% in the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after buying an additional 1,594 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its stake in iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares during 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.