iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 5.5% – Here’s What Happened

iRhythm Technologies (NASDAQ:IRTC) shares dropped 5.5% during mid-day trading on Wednesday . The company traded as low as $105.15 and last traded at $102.8140. Approximately 452,815 shares changed hands during trading, a decline of 25% from the average daily volume of 602,315 shares. The stock had previously closed at $108.84.

Analyst Upgrades and Downgrades

IRTC has been the topic of a number of research reports. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Bank of America decreased their target price on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Weiss Ratings downgraded shares of iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Finally, Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Two 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $187.38.

iRhythm Technologies Stock Performance

The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The stock has a market capitalization of $3.33 billion, a PE ratio of -117.89 and a beta of 1.27. The stock has a 50 day moving average of $116.85 and a two-hundred day moving average of $140.09.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. During the same period in the previous year, the business earned ($0.97) earnings per share. The company’s revenue for the quarter was up 25.6% compared to the same quarter last year. Research analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of iRhythm Technologies stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the purchase, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the company. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies in the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC increased its stake in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the 3rd quarter valued at approximately $34,000. Finally, Optiver Holding B.V. acquired a new stake in iRhythm Technologies in the 3rd quarter valued at about $35,000.

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.