iRhythm Technologies, Inc. (NASDAQ:IRTC) EVP Sells $51,366.08 in Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction 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 transaction, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at $773,477.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

iRhythm Technologies Price Performance

NASDAQ IRTC traded down $3.11 during mid-day trading on Monday, hitting $70.77. The stock had a trading volume of 905,172 shares, compared to its average volume of 421,956. The firm’s 50 day moving average is $95.22 and its 200 day moving average is $104.98. iRhythm Technologies, Inc. has a twelve month low of $65.54 and a twelve month high of $124.11. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -16.75 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The firm had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. During the same period in the prior year, the company earned ($0.61) EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. Equities research analysts forecast that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IRTC has been the subject of several recent research reports. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a report on Thursday, June 20th. Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Needham & Company LLC dropped their target price on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research report on Friday. Morgan Stanley dropped their target price on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Truist Financial reiterated a “buy” rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, iRhythm Technologies has an average rating of “Moderate Buy” and an average target price of $118.67.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of IRTC. Arizona State Retirement System boosted its holdings in iRhythm Technologies by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after acquiring an additional 287 shares during the period. Fiera Capital Corp boosted its stake in shares of iRhythm Technologies by 1.1% in the 2nd quarter. Fiera Capital Corp now owns 393,197 shares of the company’s stock valued at $42,324,000 after buying an additional 4,284 shares during the period. Rhumbline Advisers boosted its stake in shares of iRhythm Technologies by 5.1% in the 2nd quarter. Rhumbline Advisers now owns 45,681 shares of the company’s stock valued at $4,917,000 after buying an additional 2,209 shares during the period. Peregrine Capital Management LLC boosted its stake in shares of iRhythm Technologies by 18.5% in the 2nd quarter. Peregrine Capital Management LLC now owns 81,552 shares of the company’s stock valued at $8,778,000 after buying an additional 12,706 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of iRhythm Technologies by 18.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,130 shares of the company’s stock valued at $767,000 after buying an additional 1,097 shares during the period.

About iRhythm Technologies

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.