iRhythm Technologies (NASDAQ:IRTC) Raised to Hold at StockNews.com

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

A number of other equities analysts have also issued reports on IRTC. Truist Financial reaffirmed a buy rating and issued a $117.00 target price (down from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. Oppenheimer cut their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an outperform rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reduced their price objective on iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research note on Friday, August 2nd. Robert W. Baird cut their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, 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. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $118.67.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $69.68 on Friday. iRhythm Technologies has a 12-month low of $63.65 and a 12-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 company has a market capitalization of $2.17 billion, a price-to-earnings ratio of -16.47 and a beta of 1.25. The firm’s fifty day moving average price is $90.52 and its 200 day moving average price is $101.22.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share 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 company had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. During the same period last year, the firm earned ($0.61) earnings per share. The company’s revenue was up 19.3% on a year-over-year basis. On average, research analysts forecast that iRhythm Technologies will post -3.22 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Brice Bobzien sold 1,372 shares of the 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 transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chad Patterson sold 3,012 shares of the company’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 value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,117 shares of company stock valued at $666,982. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Headlands Technologies LLC boosted its position in shares of iRhythm Technologies by 10,650.0% during 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 in the last quarter. Nisa Investment Advisors LLC grew its position in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of iRhythm Technologies in the fourth quarter valued at $92,000. SG Americas Securities LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter valued at $126,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after acquiring an additional 1,594 shares in the last quarter.

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.