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

iRhythm Technologies, Inc. (NASDAQ:IRTC) fell 5.7% on Monday following insider selling activity. The stock traded as low as $66.95 and last traded at $66.95. 55,848 shares traded hands during trading, a decline of 87% from the average session volume of 420,512 shares. The stock had previously closed at $70.99.

Specifically, CMO Minang Turakhia sold 1,404 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the transaction, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were 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 directly owns 8,174 shares in the company, valued at $726,750.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,117 shares of company stock worth $666,982. 0.68% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on IRTC. Oppenheimer lowered 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. Robert W. Baird dropped their price objective on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. reduced their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a research report on Thursday, June 20th. Finally, Needham & Company LLC cut their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $118.67.

iRhythm Technologies Price Performance

The company has a market capitalization of $2.07 billion, a P/E ratio of -15.74 and a beta of 1.25. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. The business has a 50 day simple moving average of $92.74 and a 200-day simple moving average of $102.73.

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

Institutional Trading of iRhythm Technologies

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. raised its position in shares of iRhythm Technologies by 12.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock worth $57,717,000 after buying an additional 58,668 shares in the last quarter. Sei Investments Co. raised its holdings in iRhythm Technologies by 19.0% during the second quarter. Sei Investments Co. now owns 280,023 shares of the company’s stock worth $30,142,000 after purchasing an additional 44,662 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in iRhythm Technologies by 12.2% in the second quarter. Envestnet Asset Management Inc. now owns 52,609 shares of the company’s stock worth $5,663,000 after purchasing an additional 5,728 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in iRhythm Technologies by 6.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock valued at $851,000 after purchasing an additional 482 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in iRhythm Technologies by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after purchasing an additional 287 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.