iRhythm Technologies (NASDAQ:IRTC) Hits New 1-Year Low Following Analyst Downgrade

iRhythm Technologies (NASDAQ:IRTC) reached a new 52-week low during mid-day trading on Friday after Wells Fargo & Company lowered their price target on the stock from $150.00 to $135.00. Wells Fargo & Company currently has an overweight rating on the stock. iRhythm Technologies traded as low as $93.55 and last traded at $89.8050, with a volume of 550,550 shares. The stock had previously closed at $130.19.

IRTC has been the subject of several other reports. Truist Financial upped their price objective on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Stephens began coverage on iRhythm Technologies in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $160.00 target price on the stock. Needham & Company LLC dropped their target price on iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating on the stock in a report on Friday. BTIG Research cut their price target on iRhythm Technologies from $185.00 to $170.00 and set a “buy” rating for the company in a research note on Friday. Finally, Citigroup downgraded iRhythm Technologies from a “buy” rating to a “neutral” rating and set a $124.00 price target for the company. in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.07.

Key Headlines Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Adjusted Q3 EPS was $0.82, well above the $0.02 consensus and up from a year-earlier loss of $0.06. Revenue grew 14.9% year over year to $221.6 million. Read More.
• Neutral Sentiment: iRhythm said it will participate in upcoming investor conferences, providing opportunities to discuss its business and outlook with investors. Read More.
• Negative Sentiment: Revenue came in just below analyst expectations ($221.6 million versus $222.2 million), and coverage reported a post-earnings share-price decline. The narrow miss may have outweighed the EPS beat for investors. Read More.
• Negative Sentiment: Citigroup cut its rating from Buy to Neutral and set a $124 target. Piper Sandler, Needham, and BTIG also reduced their targets, although they retained Overweight or Buy ratings. Target cuts signal more cautious expectations even where analysts still see potential upside. Read More. · Read More. · Read More.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Versant Capital Management Inc boosted its stake in shares of iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Covestor Ltd raised its position in iRhythm Technologies by 44.8% in the third quarter. Covestor Ltd now owns 417 shares of the company’s stock worth $47,000 after acquiring an additional 129 shares in the last quarter. Assetmark Inc. raised its position in iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock worth $97,000 after acquiring an additional 190 shares in the last quarter. Swiss National Bank raised its position in iRhythm Technologies by 0.5% in the first quarter. Swiss National Bank now owns 63,700 shares of the company’s stock worth $7,518,000 after acquiring an additional 300 shares in the last quarter. Finally, Headlands Technologies LLC lifted its holdings in iRhythm Technologies by 6.7% in the second quarter. Headlands Technologies LLC now owns 4,886 shares of the company’s stock valued at $581,000 after acquiring an additional 305 shares during the period.

iRhythm Technologies Trading Down 29.7%

The company has a market cap of $3.01 billion, a price-to-earnings ratio of -214.14 and a beta of 1.39. The business has a fifty day simple moving average of $115.47 and a 200 day simple moving average of $122.07. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.80. The business had revenue of $221.59 million for the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The business’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. On average, equities analysts anticipate that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.