iRhythm Technologies (NASDAQ:IRTC) Hits New 52-Week Low – Here’s Why

iRhythm Technologies (NASDAQ:IRTC)’s share price reached a new 52-week low during trading on Thursday. The stock traded as low as $100.70 and last traded at $100.7550, with a volume of 131,106 shares. The stock had previously closed at $104.99.

Wall Street Analyst Weigh In

A number of analysts have commented on IRTC shares. Truist Financial increased their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. BTIG Research reiterated a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a report on Monday, June 22nd. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday. Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, October 5th. Finally, Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.79.

iRhythm Technologies Trading Up 4.0%

The company has a debt-to-equity ratio of 3.50, a current ratio of 3.86 and a quick ratio of 3.74. The firm has a market cap of $3.52 billion, a PE ratio of -248.14 and a beta of 1.45. The company’s 50 day moving average price is $117.53 and its 200 day moving average price is $116.81.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same period in the prior year, the business earned ($0.32) EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, analysts forecast that iRhythm Technologies will post 0.60 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IRTC. Versant Capital Management Inc lifted its stake in iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 122 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies in the second quarter valued at approximately $50,000. Assetmark Inc. grew its position in shares of iRhythm Technologies by 30.1% during the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after acquiring an additional 190 shares during the last quarter. MidFirst Bank purchased a new position in shares of iRhythm Technologies during the fourth quarter worth approximately $235,000. Finally, Rockefeller Capital Management L.P. grew its position in shares of iRhythm Technologies by 89.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after acquiring an additional 644 shares during the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.