iRhythm Technologies (NASDAQ:IRTC) Shares Down 6.2%

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price fell 6.2% during trading on Friday . The stock traded as low as $88.26 and last traded at $89.08. 109,748 shares were traded during mid-day trading, a decline of 73% from the average session volume of 400,759 shares. The stock had previously closed at $94.93.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IRTC. Truist Financial dropped their price objective on iRhythm Technologies from $145.00 to $134.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a report on Thursday, June 20th. Canaccord Genuity Group lowered their target price on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Morgan Stanley lowered their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Needham & Company LLC upped their price target on shares of iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $130.88.

iRhythm Technologies Trading Down 7.9 %

The stock has a market cap of $2.72 billion, a P/E ratio of -21.16 and a beta of 1.24. The firm’s fifty day moving average price is $95.94 and its two-hundred day moving average price is $106.14. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, May 2nd. The company reported ($1.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). The firm had revenue of $131.93 million during the quarter, compared to the consensus estimate of $128.87 million. iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. As a group, equities research analysts forecast that iRhythm Technologies, Inc. will post -3.22 EPS for the current year.

Insider Activity at iRhythm Technologies

In related news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at $2,879,490.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the sale, the chief accounting officer now directly owns 8,174 shares in the company, valued at $726,750.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold a total of 3,045 shares of company stock valued at $294,234 over the last 90 days. 0.68% of the stock is owned by insiders.

Institutional Trading of iRhythm Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its position in iRhythm Technologies by 14.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock valued at $51,192,000 after buying an additional 60,560 shares during the period. EFG Asset Management North America Corp. bought a new stake in shares of iRhythm Technologies in the second quarter worth about $643,000. IMA Advisory Services Inc. bought a new stake in shares of iRhythm Technologies in the second quarter worth about $538,000. Calamos Advisors LLC bought a new stake in shares of iRhythm Technologies in the second quarter worth about $656,000. Finally, SeaCrest Wealth Management LLC grew its stake in shares of iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the last quarter.

iRhythm Technologies Company Profile

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.