iRhythm Technologies (NASDAQ:IRTC) Downgraded by 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.

Other analysts have also recently issued reports about the stock. Wolfe Research upgraded shares of iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 price objective for the company in a research note on Thursday, June 20th. Truist Financial restated a buy rating and set a $117.00 price target (down from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Canaccord Genuity Group lifted their price objective on iRhythm Technologies from $122.00 to $137.00 and gave the stock a buy rating in a research note on Wednesday, September 25th. Citigroup cut their price objective on iRhythm Technologies from $135.00 to $110.00 and set a buy rating for the company in a research report on Thursday, August 22nd. Finally, Robert W. Baird lowered their target price on iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of Moderate Buy and a consensus target price of $120.33.

iRhythm Technologies Trading Up 1.7 %

iRhythm Technologies stock opened at $72.87 on Friday. iRhythm Technologies has a 12 month low of $60.88 and a 12 month high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The stock has a market cap of $2.27 billion, a P/E ratio of -17.23 and a beta of 1.22. The company’s fifty day simple moving average is $74.22 and its 200-day simple moving average is $92.43.

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

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the sale, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the sale, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. The disclosure for this sale can be found here. Insiders sold 6,476 shares of company stock valued at $521,081 over the last quarter. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in shares of iRhythm Technologies by 1.6% during the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after purchasing an additional 113 shares during the period. Norges Bank bought a new stake in shares of iRhythm Technologies in the 4th quarter worth approximately $26,522,000. Evoke Wealth LLC purchased a new position in shares of iRhythm Technologies in the fourth quarter worth about $1,419,000. Eagle Asset Management Inc. lifted its position in iRhythm Technologies by 5.1% in the fourth quarter. Eagle Asset Management Inc. now owns 84,570 shares of the company’s stock valued at $9,052,000 after purchasing an additional 4,102 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in iRhythm Technologies by 74.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 177,094 shares of the company’s stock valued at $18,956,000 after buying an additional 75,811 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.