iRhythm Technologies (NASDAQ:IRTC) Stock Price Down 6% - Here's Why

Key Points

• iRhythm Technologies shares fell about 6% to roughly $118.79, with trading volume down approximately 70% from the average daily level.
• Analysts recently lowered several price targets, although the overall consensus remains a “Moderate Buy” with an average target of $179.93.
• The company reported better-than-expected quarterly results: earnings per share came in at $0.58 versus a projected loss of $0.04, while revenue rose 20.1% year over year to $224.17 million.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) shares fell 6% during trading on Monday . The stock traded as low as $119.79 and last traded at $118.7910. Approximately 187,144 shares changed hands during trading, a decline of 70% from the average daily volume of 616,760 shares. The stock had previously closed at $126.44.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their target price on iRhythm Technologies from $180.00 to $168.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $255.00 to $192.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Canaccord Genuity Group lowered 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. Weiss Ratings upgraded iRhythm Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 18th. Finally, Truist Financial upped their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $179.93.

iRhythm Technologies Trading Down 8.0%

The firm has a market cap of $3.84 billion, a price-to-earnings ratio of -270.61 and a beta of 1.30. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The business has a 50 day moving average of $116.77 and a 200 day moving average of $122.90.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business had revenue of $224.17 million during the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the previous year, the business posted ($0.32) earnings per share. The company's revenue was up 20.1% on a year-over-year basis. On average, research analysts forecast that iRhythm Technologies will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Ancora Advisors LLC purchased a new position in shares of iRhythm Technologies in the 2nd quarter worth about $384,000. Manning & Napier Advisors LLC acquired a new position in shares of iRhythm Technologies during the second quarter worth $348,000. Dearborn Partners LLC purchased a new position in iRhythm Technologies in the 2nd quarter valued at about $5,691,000. Covington Investment Advisors Inc. acquired a new stake in shares of iRhythm Technologies during the second quarter valued at about $16,437,000. Finally, Westport Asset Management Inc. acquired a new position in shares of iRhythm Technologies in the second quarter worth about $783,000.

iRhythm Technologies Company Profile

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.

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