iRhythm Technologies (NASDAQ:IRTC) Downgraded by StockNews.com

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

IRTC has been the subject of several other research reports. Oppenheimer cut their target price on iRhythm Technologies from $165.00 to $145.00 and set an outperform rating for the company in a research note on Friday, August 2nd. Canaccord Genuity Group upped their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a buy rating in a research note on Wednesday. Needham & Company LLC cut their target price on iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research note on Friday, August 2nd. Citigroup cut their target price 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, Truist Financial reaffirmed a buy rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of Moderate Buy and an average target price of $120.33.

iRhythm Technologies Stock Up 1.7 %

Shares of NASDAQ IRTC opened at $72.87 on Friday. iRhythm Technologies has a 12 month low of $60.88 and a 12 month high of $124.11. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.23 and a beta of 1.22. The business has a 50-day moving average of $74.74 and a 200-day moving average of $92.85.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same quarter in the previous year, the firm earned ($0.61) earnings per share. iRhythm Technologies’s revenue was up 19.3% on a year-over-year basis. Sell-side analysts expect that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, 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 transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The disclosure for this sale can be found here. Insiders sold a total of 6,476 shares of company stock worth $521,081 over the last quarter. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. raised its holdings in iRhythm Technologies by 7.0% in the first quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after purchasing an additional 15,381 shares in the last quarter. Capital Research Global Investors grew its stake in shares of iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after acquiring an additional 121,709 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of iRhythm Technologies in the first quarter worth $1,925,000. Capstone Investment Advisors LLC purchased a new stake in shares of iRhythm Technologies in the first quarter worth $1,078,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of iRhythm Technologies by 361.1% in the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock worth $5,270,000 after acquiring an additional 38,344 shares during the last quarter.

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.