iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 3.4%

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price was down 3.4% during mid-day trading on Tuesday . The company traded as low as $71.17 and last traded at $71.17. Approximately 181,774 shares traded hands during trading, a decline of 59% from the average daily volume of 439,562 shares. The stock had previously closed at $73.70.

Analyst Upgrades and Downgrades

IRTC has been the subject of several research reports. Wolfe Research raised 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 report on Thursday, June 20th. Needham & Company LLC reduced their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup cut their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Robert W. Baird decreased their target price on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Oppenheimer cut their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $118.67.

iRhythm Technologies Stock Performance

The business has a 50 day moving average price of $79.07 and a two-hundred day moving average price of $94.85. The stock has a market cap of $2.22 billion, a P/E ratio of -17.33 and a beta of 1.22. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. During the same period in the prior year, the company posted ($0.61) EPS. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, sell-side analysts forecast that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CMO Minang Turakhia sold 1,404 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the sale, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 directly owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. The disclosure for this sale can be found here. Insiders sold 6,476 shares of company stock valued at $521,081 in the last 90 days. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC boosted its holdings in shares of iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares during the period. Nisa Investment Advisors LLC lifted its position in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the last quarter. SG Americas Securities LLC purchased a new position in iRhythm Technologies during the first quarter worth $126,000. Russell Investments Group Ltd. increased its position in iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after acquiring an additional 1,594 shares during the last quarter. Finally, SeaCrest Wealth Management LLC raised 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 valued at $229,000 after acquiring an additional 150 shares during the period.

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.