iRhythm Technologies (NASDAQ:IRTC) Issues Earnings Results

iRhythm Technologies (NASDAQ:IRTC) issued its quarterly earnings results on Wednesday. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.71), Briefing.com reports. The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.89) EPS. iRhythm Technologies updated its FY 2024 guidance to EPS.

iRhythm Technologies Price Performance

NASDAQ IRTC traded down $3.82 on Thursday, hitting $71.95. The company had a trading volume of 576,775 shares, compared to its average volume of 465,666. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The company’s fifty day moving average price is $69.09 and its 200-day moving average price is $85.54. The company has a market capitalization of $2.24 billion, a PE ratio of -15.92 and a beta of 1.22. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $124.11.

Analysts Set New Price Targets

Several research firms have weighed in on IRTC. Oppenheimer dropped 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 report on Friday, August 2nd. Truist Financial raised their target price on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Morgan Stanley dropped their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group began coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $111.60.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Chad Patterson sold 3,012 shares of the company’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 $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Chad Patterson sold 3,012 shares of the firm’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 $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,072 shares of company stock valued at $372,748 over the last ninety days. Corporate insiders own 0.68% of the company’s stock.

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.