iRhythm Technologies (NASDAQ:IRTC) Sets New 1-Year Low – Should You Sell?

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) reached a new 52-week low on Monday . The stock traded as low as $60.58 and last traded at $60.59, with a volume of 257137 shares trading hands. The stock had previously closed at $62.71.

Analyst Ratings Changes

Several research firms have recently weighed in on IRTC. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. JPMorgan Chase & Co. decreased their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Citigroup cut their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Robert W. Baird cut their price target on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Truist Financial restated a “buy” rating and set a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.10.

iRhythm Technologies Stock Performance

The stock has a 50 day moving average price of $70.40 and a two-hundred day moving average price of $90.53. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The company has a market cap of $1.82 billion, a price-to-earnings ratio of -13.87 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $146.15 million. During the same quarter last year, the company posted ($0.61) earnings per share. iRhythm Technologies’s quarterly revenue was up 19.3% on a year-over-year basis. Analysts predict that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the transaction, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction 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 transaction, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,072 shares of company stock valued at $372,748 in the last 90 days. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IRTC. Headlands Technologies LLC boosted its position in shares of iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the period. SG Americas Securities LLC acquired a new stake in shares of iRhythm Technologies in the first quarter valued at approximately $126,000. Russell Investments Group Ltd. lifted its holdings in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares during the period. Finally, SeaCrest Wealth Management LLC lifted its holdings in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the period.

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.