iRhythm Technologies (NASDAQ:IRTC) Hits New 12-Month Low on Analyst Downgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price hit a new 52-week low during trading on Monday after Truist Financial lowered their price target on the stock from $117.00 to $80.00. Truist Financial currently has a buy rating on the stock. iRhythm Technologies traded as low as $56.40 and last traded at $57.66, with a volume of 23516 shares. The stock had previously closed at $57.07.

A number of other equities research analysts have also weighed in on IRTC. Citigroup cut their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Oppenheimer reduced their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Canaccord Genuity Group increased their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Robert W. Baird dropped their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC decreased their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus target price of $112.40.

Insiders Place Their Bets

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the sale, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,072 shares of company stock worth $372,748. 0.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IRTC. Sei Investments Co. lifted its position in shares of iRhythm Technologies by 7.0% in the first quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after buying an additional 15,381 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of iRhythm Technologies during the 1st quarter worth about $1,925,000. Capstone Investment Advisors LLC bought a new position in shares of iRhythm Technologies in the first quarter valued at approximately $1,078,000. Assenagon Asset Management S.A. lifted its position in iRhythm Technologies by 361.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock worth $5,270,000 after buying an additional 38,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of iRhythm Technologies during the first quarter valued at approximately $58,311,000.

iRhythm Technologies Price Performance

The company has a fifty day simple moving average of $68.97 and a two-hundred day simple moving average of $89.33. The stock has a market capitalization of $1.79 billion, a P/E ratio of -13.85 and a beta of 1.22. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50.

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

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.