iRhythm Technologies (NASDAQ:IRTC) Trading Down 6% – Here’s What Happened

iRhythm Technologies (NASDAQ:IRTC)’s share price traded down 6% on Monday . The company traded as low as $119.79 and last traded at $118.7910. 187,144 shares traded hands during trading, a decline of 70% from the average daily volume of 616,760 shares. The stock had previously closed at $126.44.

Wall Street Analyst Weigh In

IRTC has been the subject of several analyst reports. Needham & Company LLC cut their price target on iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a research note on Friday, August 7th. BTIG Research reiterated a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a research report on Monday, June 22nd. Wells Fargo & Company dropped their price objective on shares of iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating on the stock in a research note on Tuesday. Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Citigroup raised their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.93.

iRhythm Technologies Trading Down 1.4%

The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The business has a 50 day moving average price of $116.99 and a 200-day moving average price of $122.37. The firm has a market capitalization of $3.80 billion, a PE ratio of -268.00 and a beta of 1.30.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The firm had revenue of $224.17 million for the quarter, compared to the consensus estimate of $219.30 million. During the same period in the previous year, the business earned ($0.32) earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. Analysts expect that iRhythm Technologies will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Institutional investors have recently made changes to their positions in the stock. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the third quarter worth about $30,000. Employees Retirement System of Texas purchased a new position in iRhythm Technologies in the third quarter valued at about $36,000. Harbor Investment Advisory LLC acquired a new stake in shares of iRhythm Technologies during the 2nd quarter valued at approximately $50,000. Torren Management LLC purchased a new stake in shares of iRhythm Technologies during the 4th quarter worth approximately $53,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of iRhythm Technologies by 63.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock worth $58,000 after acquiring an additional 125 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.