iRhythm Technologies (NASDAQ:IRTC) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a sell rating to a hold rating in a research note released on Thursday.

Several other brokerages have also issued reports on IRTC. Morgan Stanley cut their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an overweight rating on the stock in a report on Monday, July 15th. Robert W. Baird cut their price target 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. decreased their price objective 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. Needham & Company LLC cut their target price 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. Finally, Oppenheimer decreased their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an outperform rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Trading Down 4.2 %

Shares of NASDAQ IRTC opened at $70.00 on Thursday. iRhythm Technologies has a twelve month low of $60.88 and a twelve month high of $124.11. The firm has a market cap of $2.18 billion, a PE ratio of -16.55 and a beta of 1.22. The business has a fifty day simple moving average of $77.11 and a two-hundred day simple moving average of $93.73. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

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, beating 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 firm had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. During the same period in the previous year, the company posted ($0.61) earnings per share. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. Analysts expect that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction 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 owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,476 shares of company stock worth $521,081. Insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in iRhythm Technologies by 22.3% in the fourth quarter. Victory Capital Management Inc. now owns 4,070 shares of the company’s stock valued at $436,000 after purchasing an additional 743 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in iRhythm Technologies by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 239,659 shares of the company’s stock worth $25,653,000 after acquiring an additional 3,486 shares during the period. Principal Financial Group Inc. raised its position in iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after acquiring an additional 113 shares in the last quarter. Norges Bank acquired a new position in iRhythm Technologies in the fourth quarter valued at approximately $26,522,000. Finally, Trexquant Investment LP boosted its position in iRhythm Technologies by 85.1% in the 4th quarter. Trexquant Investment LP now owns 36,329 shares of the company’s stock worth $3,889,000 after purchasing an additional 16,700 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.