iRhythm Technologies (NASDAQ:IRTC) Trading Down 3.4%

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares traded down 3.4% on Tuesday . The company traded as low as $71.17 and last traded at $71.17. 181,774 shares were traded during trading, a decline of 59% from the average session volume of 439,562 shares. The stock had previously closed at $73.70.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IRTC. Needham & Company LLC decreased their price objective 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. Oppenheimer decreased their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Citigroup decreased their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a report on Thursday, June 20th. Finally, Truist Financial restated a “buy” rating and set a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $118.67.

iRhythm Technologies Price Performance

The stock has a market cap of $2.27 billion, a PE ratio of -17.28 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The firm’s 50 day moving average price is $77.64 and its two-hundred day moving average price is $94.20.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. iRhythm Technologies’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.61) earnings per share. On average, research analysts expect that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction 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 $1,718,265.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction 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 $1,718,265.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,476 shares of company stock valued at $521,081. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently made changes to their positions in IRTC. Victory Capital Management Inc. lifted its holdings in shares of iRhythm Technologies by 22.3% in the 4th quarter. Victory Capital Management Inc. now owns 4,070 shares of the company’s stock worth $436,000 after acquiring an additional 743 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of iRhythm Technologies by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 239,659 shares of the company’s stock worth $25,653,000 after acquiring an additional 3,486 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of iRhythm Technologies by 1.6% in the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after acquiring an additional 113 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of iRhythm Technologies by 41.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,985 shares of the company’s stock worth $1,211,000 after acquiring an additional 3,507 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $26,522,000.

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.