Insider Selling: iRhythm Technologies, Inc. (NASDAQ:IRTC) Insider Sells 3,012 Shares of Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) insider Chad Patterson sold 3,012 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 value of $224,875.92. Following the sale, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Chad Patterson also recently made the following trade(s):

• On Friday, May 31st, Chad Patterson purchased 280 shares of iRhythm Technologies stock. The shares were bought at an average price of $74.98 per share, for a total transaction of $20,994.40.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded down $3.11 during trading hours on Monday, reaching $70.77. 905,172 shares of the stock traded hands, compared to its average volume of 421,956. The company has a 50 day moving average price of $95.22 and a 200 day moving average price of $104.98. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -16.75 and a beta of 1.25. iRhythm Technologies, Inc. has a one year low of $65.54 and a one year high of $124.11. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $146.15 million. During the same period in the previous year, the firm earned ($0.61) EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis. On average, equities research analysts expect that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently modified their holdings of IRTC. Arizona State Retirement System grew its position in iRhythm Technologies by 3.4% in 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 last quarter. Fiera Capital Corp grew its holdings in iRhythm Technologies by 1.1% in the second quarter. Fiera Capital Corp now owns 393,197 shares of the company’s stock valued at $42,324,000 after purchasing an additional 4,284 shares during the period. Rhumbline Advisers lifted its position in iRhythm Technologies by 5.1% during the second quarter. Rhumbline Advisers now owns 45,681 shares of the company’s stock worth $4,917,000 after buying an additional 2,209 shares in the last quarter. Peregrine Capital Management LLC raised its position in iRhythm Technologies by 18.5% in the second quarter. Peregrine Capital Management LLC now owns 81,552 shares of the company’s stock valued at $8,778,000 after purchasing an additional 12,706 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of iRhythm Technologies by 18.2% in the second 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 in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Canaccord Genuity Group cut their target price on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Truist Financial reissued a “buy” rating and set a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday. Needham & Company LLC lowered their price objective on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research report on Friday. Oppenheimer lowered their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company 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 company. According to MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $118.67.

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.