iRhythm Technologies (NASDAQ:IRTC) Shares Down 6.8% - What's Next?

Key Points

• iRhythm Technologies shares fell 6.8% to $160.24, with trading volume down 80% compared to the average, indicating significant market activity.
• Analyst ratings show a positive outlook for iRhythm, with several firms raising their price targets; the average target is currently set at $172.17.
• The company reported earnings of ($0.32) per share, surpassing estimates and demonstrating a revenue increase of 26.1% year-over-year.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) shares traded down 6.8% during trading on Wednesday . The stock traded as low as $159.46 and last traded at $160.24. 90,327 shares traded hands during trading, a decline of 80% from the average session volume of 461,006 shares. The stock had previously closed at $171.99.

Analyst Ratings Changes

IRTC has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group boosted their price target on iRhythm Technologies from $170.00 to $193.00 and gave the stock a "buy" rating in a research report on Monday. Bank of America initiated coverage on iRhythm Technologies in a report on Wednesday, August 20th. They set a "buy" rating and a $200.00 price objective on the stock. Wells Fargo & Company upped their target price on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC lifted their price target on shares of iRhythm Technologies from $180.00 to $193.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $172.17.

iRhythm Technologies Trading Down 2.0%

The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The firm has a market cap of $5.42 billion, a P/E ratio of -57.47 and a beta of 1.10. The company's 50 day moving average is $165.66 and its two-hundred day moving average is $140.54.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. The company had revenue of $186.69 million for the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%.iRhythm Technologies's revenue for the quarter was up 26.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.61) EPS. iRhythm Technologies has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar sold 5,312 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $158.02, for a total transaction of $839,402.24. Following the completion of the sale, the director owned 20,299 shares of the company's stock, valued at approximately $3,207,647.98. This trade represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Chad Patterson sold 2,707 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $164.36, for a total value of $444,922.52. Following the sale, the insider owned 46,222 shares in the company, valued at approximately $7,597,047.92. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,069 shares of company stock worth $7,627,986 over the last three months. 0.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently added to or reduced their stakes in the stock. MCF Advisors LLC bought a new position in shares of iRhythm Technologies in the first quarter worth about $25,000. AlphaQuest LLC acquired a new position in iRhythm Technologies during the 1st quarter worth $30,000. ANTIPODES PARTNERS Ltd bought a new position in iRhythm Technologies in the 2nd quarter valued at $39,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of iRhythm Technologies in the 1st quarter valued at $50,000. Finally, CWM LLC raised its position in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after acquiring an additional 182 shares during the last quarter.

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.

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