iRhythm Technologies (NASDAQ:IRTC) Reaches New 52-Week Low on Analyst Downgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC)’s share price reached 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.

Other research analysts have also recently issued research reports about the company. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Needham & Company LLC decreased their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a research note on Thursday, June 20th. Finally, Canaccord Genuity Group boosted their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus 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 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 owns 24,428 shares in the company, valued at $1,718,265.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, 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. Insiders sold a total of 5,072 shares of company stock worth $372,748 over the last quarter. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently made changes to their positions in IRTC. Westfield Capital Management Co. LP bought a new position in shares of iRhythm Technologies in the first quarter worth about $58,311,000. Champlain Investment Partners LLC boosted its stake in shares of iRhythm Technologies by 104.1% in the first quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after acquiring an additional 293,710 shares during the period. First Light Asset Management LLC boosted its stake in shares of iRhythm Technologies by 176.8% in the first quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock worth $48,823,000 after acquiring an additional 268,829 shares during the period. Mackenzie Financial Corp boosted its stake 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 worth $153,745,000 after acquiring an additional 80,091 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of iRhythm Technologies by 14.5% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 511,905 shares of the company’s stock worth $59,381,000 after acquiring an additional 64,755 shares during the period.

iRhythm Technologies Stock Performance

The business has a 50 day moving average price of $68.72 and a two-hundred day moving average price of $88.92. The stock has a market cap of $1.80 billion, a P/E ratio of -13.70 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 announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating 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 company 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 company earned ($0.61) earnings per share. The firm’s revenue was up 19.3% on a year-over-year basis. On average, sell-side analysts forecast that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

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.