iRhythm Technologies (NASDAQ:IRTC) Posts Earnings Results, Misses Estimates By $0.71 EPS

iRhythm Technologies (NASDAQ:IRTC) released 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. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the previous year, the business posted ($0.89) earnings per share. The firm’s revenue was up 18.4% on a year-over-year basis. iRhythm Technologies updated its FY 2024 guidance to EPS.

iRhythm Technologies Trading Down 5.0 %

iRhythm Technologies stock traded down $3.82 during mid-day trading on Thursday, hitting $71.95. The company’s stock had a trading volume of 576,775 shares, compared to its average volume of 465,666. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The stock has a market cap of $2.24 billion, a PE ratio of -15.92 and a beta of 1.22. The company has a 50 day moving average of $69.09 and a 200-day moving average of $85.54. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IRTC. Morgan Stanley reduced their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Citigroup dropped their price target 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. Truist Financial lifted their price objective on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Finally, Oppenheimer dropped their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.60.

Insider Transactions at iRhythm Technologies

In other news, 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 transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. 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 that occurred on Friday, August 2nd. The stock was 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 directly owns 10,360 shares of the company’s stock, valued at $773,477.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,072 shares of company stock worth $372,748. Insiders own 0.68% of the company’s stock.

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.