iRhythm Technologies (NASDAQ:IRTC) Trading Down 6% – Should You Sell?

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group decreased their price target on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. JPMorgan Chase & Co. reduced their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a report on Friday, August 7th. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Finally, Bank of America cut their target price on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $179.93.

iRhythm Technologies Price Performance

The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The firm has a market capitalization of $3.84 billion, a P/E ratio of -270.61 and a beta of 1.30. The business has a fifty day moving average of $116.77 and a 200-day moving average of $122.90.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the previous year, the firm posted ($0.32) EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts forecast that iRhythm Technologies will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hussman Strategic Advisors Inc. bought a new position in shares of iRhythm Technologies in the fourth quarter valued at approximately $2,608,000. UBS Group AG increased its stake in shares of iRhythm Technologies by 190.3% during the fourth quarter. UBS Group AG now owns 153,218 shares of the company’s stock valued at $27,187,000 after acquiring an additional 100,435 shares during the period. Quantinno Capital Management LP raised its holdings in iRhythm Technologies by 1,172.8% during the first quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after purchasing an additional 17,158 shares in the last quarter. Rock Springs Capital Management LP lifted its position in iRhythm Technologies by 11.4% in the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock worth $30,892,000 after purchasing an additional 26,750 shares during the period. Finally, M&T Bank Corp acquired a new stake in iRhythm Technologies in the fourth quarter worth approximately $3,933,000.

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.