iRhythm Technologies (NASDAQ:IRTC) Trading Down 5.7%

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price traded down 5.7% during trading on Monday . The company traded as low as $66.95 and last traded at $66.95. 55,848 shares changed hands during trading, a decline of 87% from the average session volume of 420,512 shares. The stock had previously closed at $70.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Truist Financial reiterated a “buy” rating and set a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. StockNews.com raised shares of iRhythm Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Canaccord Genuity Group lowered their price target on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a research note on Thursday, June 20th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.67.

iRhythm Technologies Trading Down 8.9 %

The firm has a market cap of $2.01 billion, a price-to-earnings ratio of -15.70 and a beta of 1.25. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The firm’s fifty day moving average is $93.50 and its 200-day moving average is $103.47.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same period last year, the business earned ($0.61) EPS. iRhythm Technologies’s quarterly revenue was up 19.3% compared to the same quarter last year. Equities analysts anticipate that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Chad Patterson sold 3,012 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the transaction, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at approximately $726,750.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,745 shares of company stock valued at $570,476. Insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of IRTC. International Assets Investment Management LLC purchased a new stake in iRhythm Technologies during the fourth quarter valued at about $92,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in iRhythm Technologies by 4.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,835 shares of the company’s stock worth $7,796,000 after buying an additional 3,307 shares in the last quarter. WCM Investment Management LLC grew its position in iRhythm Technologies by 61.4% during the fourth quarter. WCM Investment Management LLC now owns 133,195 shares of the company’s stock valued at $14,497,000 after acquiring an additional 50,673 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of iRhythm Technologies by 3.3% during the fourth quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock worth $668,000 after acquiring an additional 200 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in shares of iRhythm Technologies by 25.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 29,300 shares of the company’s stock valued at $3,136,000 after purchasing an additional 6,012 shares in the last quarter.

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.