iRhythm Technologies (NASDAQ:IRTC) Shares Down 5.5% – Time to Sell?

iRhythm Technologies (NASDAQ:IRTC) shares fell 5.5% on Wednesday . The company traded as low as $105.15 and last traded at $102.8140. 452,815 shares changed hands during trading, a decline of 25% from the average session volume of 602,315 shares. The stock had previously closed at $108.84.

Wall Street Analyst Weigh In

IRTC has been the subject of several research reports. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research note on Monday, June 1st. The Goldman Sachs Group decreased 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. JPMorgan Chase & Co. lowered their target price on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Wells Fargo & Company dropped their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 1st. Finally, HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Two 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 assigned a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $187.38.

iRhythm Technologies Price Performance

The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98. The stock’s fifty day moving average is $116.26 and its 200-day moving average is $138.91. The stock has a market cap of $3.44 billion, a PE ratio of -121.68 and a beta of 1.27.

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

Insider Activity

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of iRhythm Technologies stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth $30,000. GAMMA Investing LLC raised its holdings in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the period. Smartleaf Asset Management LLC lifted its position in iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after buying an additional 99 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in iRhythm Technologies in the third quarter valued at about $34,000. Finally, Optiver Holding B.V. acquired a new position in iRhythm Technologies in the third quarter valued at about $35,000.

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.