iRhythm Technologies (NASDAQ:IRTC) Trading Down 7.7% – Here’s Why

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares fell 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 changed 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 Analyst Weigh In

A number of research analysts recently issued reports on the company. Robert W. Baird decreased their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Canaccord Genuity Group boosted their price objective 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. Oppenheimer raised their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Finally, Truist Financial raised their price objective on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. One 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $108.45.

iRhythm Technologies Stock Down 7.5 %

The stock 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 current ratio of 6.27 and a quick ratio of 6.12. The company 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 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). The business had revenue of $147.54 million during 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 company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.89) EPS. Research analysts anticipate that iRhythm Technologies, Inc. will post -3.35 earnings per share for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were 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 of the company’s stock, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. lifted its holdings in iRhythm Technologies by 6.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 84,947 shares of the company’s stock worth $7,660,000 after buying an additional 5,009 shares during the period. Diversified Trust Co lifted its stake in shares of iRhythm Technologies by 25.4% in the fourth quarter. Diversified Trust Co now owns 8,276 shares of the company’s stock worth $746,000 after acquiring an additional 1,677 shares during the period. Synovus Financial Corp boosted its holdings in iRhythm Technologies by 28.8% in the third quarter. Synovus Financial Corp now owns 8,718 shares of the company’s stock valued at $647,000 after acquiring an additional 1,948 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $119,000. Finally, Geode Capital Management LLC raised its holdings in iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after purchasing an additional 5,423 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.