iRhythm Technologies (NASDAQ:IRTC) Shares Down 3.3% – Here’s Why

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s stock price dropped 3.3% on Friday . The stock traded as low as $86.06 and last traded at $86.06. Approximately 60,083 shares traded hands during trading, a decline of 87% from the average daily volume of 473,410 shares. The stock had previously closed at $89.02.

Analyst Upgrades and Downgrades

IRTC has been the subject of several recent analyst reports. Robert W. Baird decreased their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Truist Financial raised their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 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. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Finally, Canaccord Genuity Group raised their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $108.50.

iRhythm Technologies Price Performance

The stock has a fifty day moving average of $73.83 and a two-hundred day moving average of $81.79. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -18.32 and a beta of 1.23. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the business earned ($0.89) earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities research analysts forecast that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

Insider Activity

In other news, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of iRhythm Technologies stock in a transaction dated Monday, November 4th. The stock was bought at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Eventide Asset Management LLC lifted its holdings in iRhythm Technologies by 170.8% during the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after acquiring an additional 464,629 shares in the last quarter. Braidwell LP lifted its holdings in shares of iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after purchasing an additional 256,200 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of iRhythm Technologies by 38.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after purchasing an additional 195,246 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after purchasing an additional 80,091 shares in the last quarter. Finally, Fred Alger Management LLC lifted its holdings in shares of iRhythm Technologies by 24.4% in the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock valued at $23,320,000 after purchasing an additional 61,696 shares in 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.