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IRhythm Technologies (NASDAQ:IRTC) Trading Down 6.7%

Defense World · Sep 23, 2022 06:42

iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating)'s stock price was down 6.7% on Wednesday . The company traded as low as $140.87 and last traded at $144.99. Approximately 7,202 shares were traded during trading, a decline of 97% from the average daily volume of 287,480 shares. The stock had previously closed at $155.44.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on IRTC shares. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $185.00 to $198.00 and gave the stock a "buy" rating in a report on Friday, September 2nd. Canaccord Genuity Group raised their price objective on shares of iRhythm Technologies from $185.00 to $198.00 and gave the stock a "buy" rating in a research note on Friday, September 2nd. Morgan Stanley decreased their price objective on shares of iRhythm Technologies from $190.00 to $172.00 and set an "overweight" rating for the company in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on shares of iRhythm Technologies from $185.00 to $190.00 in a research note on Thursday. Finally, BTIG Research raised their price objective on shares of iRhythm Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a research note on Friday, August 5th. Two equities research analysts have 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 MarketBeat.com, iRhythm Technologies currently has an average rating of "Moderate Buy" and an average target price of $162.27.

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iRhythm Technologies Stock Down 2.3 %

The company has a market cap of $3.89 billion, a price-to-earnings ratio of -29.28 and a beta of 1.51. The business's 50 day simple moving average is $150.51 and its 200-day simple moving average is $138.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.84 and a current ratio of 4.04.

iRhythm Technologies (NASDAQ:IRTC – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.79) earnings per share for the quarter, beating analysts' consensus estimates of ($0.94) by $0.15. The business had revenue of $102.10 million for the quarter, compared to the consensus estimate of $100.51 million. iRhythm Technologies had a negative net margin of 36.15% and a negative return on equity of 38.95%. iRhythm Technologies's revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.59) EPS. Sell-side analysts expect that iRhythm Technologies, Inc. will post -3.06 earnings per share for the current year.

Insider Activity

In other news, CFO Douglas Devine sold 10,109 shares of the firm's stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $114.22, for a total transaction of $1,154,649.98. Following the transaction, the chief financial officer now owns 29,702 shares in the company, valued at approximately $3,392,562.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Douglas Devine sold 10,109 shares of iRhythm Technologies stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $114.22, for a total value of $1,154,649.98. Following the transaction, the chief financial officer now owns 29,702 shares in the company, valued at approximately $3,392,562.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Daniel G. Wilson sold 1,428 shares of iRhythm Technologies stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $108.93, for a total transaction of $155,552.04. Following the completion of the transaction, the executive vice president now owns 37,562 shares in the company, valued at approximately $4,091,628.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,866 shares of company stock worth $1,459,508. 1.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IRTC. Sands Capital Management LLC increased its holdings in shares of iRhythm Technologies by 0.9% during the 2nd quarter. Sands Capital Management LLC now owns 3,051,447 shares of the company's stock worth $329,648,000 after purchasing an additional 26,689 shares during the period. Vanguard Group Inc. increased its holdings in shares of iRhythm Technologies by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 2,714,221 shares of the company's stock worth $427,409,000 after purchasing an additional 33,521 shares during the period. BlackRock Inc. increased its holdings in shares of iRhythm Technologies by 0.4% during the 1st quarter. BlackRock Inc. now owns 2,093,147 shares of the company's stock worth $329,607,000 after purchasing an additional 8,440 shares during the period. LTS One Management LP increased its holdings in shares of iRhythm Technologies by 51.0% during the 2nd quarter. LTS One Management LP now owns 1,525,000 shares of the company's stock worth $164,746,000 after purchasing an additional 515,000 shares during the period. Finally, Capital Research Global Investors increased its holdings in shares of iRhythm Technologies by 60.9% during the 1st quarter. Capital Research Global Investors now owns 1,411,300 shares of the company's stock worth $222,237,000 after purchasing an additional 534,300 shares during the period. Institutional investors own 98.98% of the company's stock.

iRhythm Technologies Company Profile

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.