iRhythm Technologies (NASDAQ:IRTC) Hits New 52-Week Low – Here’s What Happened

iRhythm Technologies (NASDAQ:IRTC)’s stock price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $100.70 and last traded at $100.7550, with a volume of 131106 shares trading hands. The stock had previously closed at $104.99.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Truist Financial upped their target price on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Needham & Company LLC upped their price objective on iRhythm Technologies from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company reduced their target price on iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Monday, September 14th. Two research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.79.

iRhythm Technologies Price Performance

The firm’s 50-day moving average price is $118.07 and its two-hundred day moving average price is $116.98. The stock has a market cap of $3.36 billion, a PE ratio of -236.19 and a beta of 1.45. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.62. The company had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. iRhythm Technologies’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the company posted ($0.32) earnings per share. On average, equities analysts expect that iRhythm Technologies will post 0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its position in shares of iRhythm Technologies by 12.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 606,969 shares of the company’s stock worth $107,701,000 after acquiring an additional 65,930 shares in the last quarter. Braidwell LP boosted its position in iRhythm Technologies by 7.2% during the second quarter. Braidwell LP now owns 654,262 shares of the company’s stock valued at $77,824,000 after purchasing an additional 44,070 shares in the last quarter. Stephens Investment Management Group LLC grew its stake in iRhythm Technologies by 8.1% in the first quarter. Stephens Investment Management Group LLC now owns 561,530 shares of the company’s stock valued at $66,272,000 after purchasing an additional 42,205 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in iRhythm Technologies by 14.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after purchasing an additional 59,704 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in iRhythm Technologies by 99.2% in the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after purchasing an additional 194,502 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.