iRhythm Technologies (NASDAQ:IRTC) Trading Down 5.7% on Insider Selling

iRhythm Technologies, Inc. (NASDAQ:IRTC) fell 5.7% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $66.95 and last traded at $66.95. 55,848 shares were traded during trading, a decline of 87% from the average session volume of 420,512 shares. The stock had previously closed at $70.99.

Specifically, CFO Brice Bobzien sold 1,372 shares of the company’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 sale, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the transaction, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at approximately $726,750.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,117 shares of company stock valued at $666,982. Company insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IRTC. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Oppenheimer decreased their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group dropped their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. StockNews.com upgraded iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Truist Financial reaffirmed a “buy” rating and set a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.67.

iRhythm Technologies Stock Up 0.0 %

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 company has a market capitalization of $2.07 billion, a PE ratio of -15.74 and a beta of 1.25. The business’s 50 day simple moving average is $92.74 and its 200 day simple moving average is $102.73.

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

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC increased its holdings in iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after buying an additional 277 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at $92,000. SG Americas Securities LLC acquired a new position in iRhythm Technologies during the 1st quarter worth about $126,000. Finally, Russell Investments Group Ltd. boosted its holdings in iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after acquiring an additional 1,594 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.