Shares of iRhythm Technologies (NASDAQ:IRTC – Get Free Report) hit 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. The stock had previously closed at $108.84.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on IRTC shares. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Citigroup increased their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Robert W. Baird cut their target price on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Truist Financial dropped their price objective on shares of iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Needham & Company LLC raised their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 1st. 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 issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $187.38.
Check Out Our Latest Analysis on IRTC
iRhythm Technologies Stock Performance
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same quarter last year, the company earned ($0.97) earnings per share. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, research analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. This trade represents a 26.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.
Hedge Funds Weigh In On iRhythm Technologies
Hedge funds and other institutional investors have recently made changes to their positions in the company. Measured Wealth Private Client Group LLC acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 60 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $34,000. Finally, Optiver Holding B.V. bought a new stake in shares of iRhythm Technologies in the 3rd quarter valued at $35,000.
About iRhythm Technologies
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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