iRhythm Technologies (NASDAQ:IRTC) Trading Down 5.3% Following Analyst Downgrade

iRhythm Technologies (NASDAQ:IRTC) shares fell 5.3% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $174.00 to $160.00. Truist Financial currently has a buy rating on the stock. iRhythm Technologies traded as low as $108.30 and last traded at $109.24. Approximately 313,165 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 609,697 shares. The stock had previously closed at $115.35.

Other analysts also recently issued research reports about the stock. Weiss Ratings raised shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Canaccord Genuity Group dropped their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. The Goldman Sachs Group cut their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a research note on Thursday, April 9th. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Wall Street Zen downgraded shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and an average price target of $186.62.

Insider Transactions at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

A number of large investors have recently modified their holdings of IRTC. Vanguard Group Inc. increased its stake in iRhythm Technologies by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after purchasing an additional 70,420 shares in the last quarter. RTW Investments LP bought a new position in shares of iRhythm Technologies in the fourth quarter valued at $209,732,000. Geode Capital Management LLC lifted its stake in shares of iRhythm Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after buying an additional 68,301 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of iRhythm Technologies by 45.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock valued at $147,251,000 after buying an additional 259,800 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after buying an additional 548,519 shares during the last quarter.

iRhythm Technologies Trading Down 3.9%

The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The firm’s 50-day moving average price is $114.28 and its 200 day moving average price is $130.70. The company has a market capitalization of $3.64 billion, a P/E ratio of -128.93 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same quarter in the prior year, the business posted ($0.97) EPS. The firm’s revenue was up 25.6% compared to the same quarter last year. As a group, equities research analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current year.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.