iRhythm Technologies (NASDAQ:IRTC) Hits New 12-Month Low – Time to Sell?

iRhythm Technologies (NASDAQ:IRTC)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $101.10 and last traded at $101.79, with a volume of 1244385 shares trading hands. The stock had previously closed at $108.84.

Wall Street Analyst Weigh In

IRTC has been the topic of a number of recent research reports. Bank of America dropped their price objective on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday, February 20th. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Needham & Company LLC raised their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $185.00 price objective on shares of iRhythm Technologies in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.38.

iRhythm Technologies Stock Performance

The company’s fifty day moving average price is $116.54 and its 200 day moving average price is $139.50. The company has a market cap of $3.34 billion, a PE ratio of -118.36 and a beta of 1.27. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.97) earnings per share. On average, equities research analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar purchased 5,312 shares of iRhythm Technologies stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the completion of 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Measured Wealth Private Client Group LLC bought a new position in iRhythm Technologies during the third quarter valued at about $30,000. GAMMA Investing LLC grew its position in iRhythm Technologies by 48.4% during the fourth 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 grew its position in iRhythm Technologies by 100.0% during 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 period. FNY Investment Advisers LLC bought a new position in iRhythm Technologies during the third quarter valued at about $34,000. Finally, Optiver Holding B.V. bought a new position in iRhythm Technologies during the third quarter worth 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.