iRhythm Technologies (NASDAQ:IRTC) Hits New 52-Week Low on Analyst Downgrade

Shares of iRhythm Technologies (NASDAQ:IRTC) reached a new 52-week low during mid-day trading on Friday after Wells Fargo & Company lowered their price target on the stock from $150.00 to $135.00. Wells Fargo & Company currently has an overweight rating on the stock. iRhythm Technologies traded as low as $93.55 and last traded at $89.8050, with a volume of 550,550 shares changing hands. The stock had previously closed at $130.19.

Other equities research analysts have also recently issued research reports about the company. Truist Financial upped their price target on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Needham & Company LLC reduced their price objective on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a report on Friday. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 27th. Wall Street Zen downgraded iRhythm Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, BTIG Research lowered their target price on iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $171.07.

Key Stories Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Adjusted Q3 EPS was $0.82, well above the $0.02 consensus and up from a year-earlier loss of $0.06. Revenue grew 14.9% year over year to $221.6 million. Read More.
• Neutral Sentiment: iRhythm said it will participate in upcoming investor conferences, providing opportunities to discuss its business and outlook with investors. Read More.
• Negative Sentiment: Revenue came in just below analyst expectations ($221.6 million versus $222.2 million), and coverage reported a post-earnings share-price decline. The narrow miss may have outweighed the EPS beat for investors. Read More.
• Negative Sentiment: Citigroup cut its rating from Buy to Neutral and set a $124 target. Piper Sandler, Needham, and BTIG also reduced their targets, although they retained Overweight or Buy ratings. Target cuts signal more cautious expectations even where analysts still see potential upside. Read More. · Read More. · Read More.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Knights of Columbus Asset Advisors LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at approximately $2,398,000. M&G PLC acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $13,905,000. Fulcrum Asset Management LLP purchased a new stake in iRhythm Technologies in the 3rd quarter valued at approximately $321,000. Covestor Ltd lifted its stake in iRhythm Technologies by 44.8% in the 3rd quarter. Covestor Ltd now owns 417 shares of the company’s stock valued at $47,000 after buying an additional 129 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new stake in iRhythm Technologies during the 3rd quarter valued at $208,000.

iRhythm Technologies Trading Down 29.7%

The business has a fifty day simple moving average of $115.47 and a 200 day simple moving average of $122.07. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of -214.14 and a beta of 1.39. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.80. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. The company had revenue of $221.59 million during the quarter, compared to the consensus estimate of $222.23 million. During the same quarter last year, the business posted ($0.06) earnings per share. iRhythm Technologies’s revenue was up 14.9% compared to the same quarter last year. As a group, equities analysts anticipate that iRhythm Technologies will post 0.54 EPS for the current year.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.