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

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price traded down 7.7% during trading on Monday . The stock traded as low as $86.99 and last traded at $90.20. 68,596 shares were traded during trading, a decline of 78% from the average session volume of 312,471 shares. The stock had previously closed at $97.70.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IRTC. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $96.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday. Truist Financial upped their price objective on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Canaccord Genuity Group raised their price objective on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Robert W. Baird lowered their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $108.45.

iRhythm Technologies Price Performance

The firm has a 50-day moving average of $87.14 and a 200 day moving average of $80.30. The company has a market capitalization of $3.10 billion, a PE ratio of -20.37 and a beta of 1.26. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same period in the previous year, the business earned ($0.89) EPS. The business’s revenue was up 18.4% compared to the same quarter last year. As a group, research analysts anticipate that iRhythm Technologies, Inc. will post -3.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the sale, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the business. Quarry LP bought a new position in iRhythm Technologies in the 3rd quarter worth $59,000. Wilmington Savings Fund Society FSB purchased a new position in shares of iRhythm Technologies during the 3rd quarter valued at about $119,000. nVerses Capital LLC grew its stake in shares of iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares during the period. Bank Pictet & Cie Europe AG increased its holdings in iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after acquiring an additional 567 shares in the last quarter. Finally, Aigen Investment Management LP bought a new stake in iRhythm Technologies during the 3rd quarter worth approximately $243,000.

About iRhythm Technologies

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.