iRhythm Technologies (NASDAQ:IRTC) Rating Lowered to Sell at StockNews.com

StockNews.com lowered shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note published on Friday morning.

Several other equities research analysts also recently issued reports on the stock. Truist Financial restated a buy rating and issued a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Citigroup decreased their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a buy rating on the stock in a research report on Thursday, August 22nd. Canaccord Genuity Group upped their price objective on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a buy rating in a research report on Wednesday, September 25th. Wolfe Research upgraded shares of iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 target price for the company in a research note on Thursday, June 20th. Finally, Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $120.33.

iRhythm Technologies Stock Performance

IRTC stock opened at $74.24 on Friday. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -17.55 and a beta of 1.22. The firm has a 50 day moving average of $73.72 and a two-hundred day moving average of $92.22. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a 12 month low of $60.88 and a 12 month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.28. The business had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. iRhythm Technologies’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.61) EPS. As a group, equities analysts anticipate that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the sale, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,072 shares of company stock valued at $372,748. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of iRhythm Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after buying an additional 35,694 shares during the last quarter. Capital Research Global Investors grew its stake in iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after purchasing an additional 121,709 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after purchasing an additional 80,091 shares in the last quarter. Blair William & Co. IL grew its stake in shares of iRhythm Technologies by 3.5% in the first quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after buying an additional 27,842 shares in the last quarter. Finally, Champlain Investment Partners LLC grew its position in shares of iRhythm Technologies by 104.1% in the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after acquiring an additional 293,710 shares during the period.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.