BidaskClub Lowers Irhythm Technologies (IRTC) to Sell

BidaskClub lowered shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a report issued on Tuesday, BidAskClub reports.

Several other equities analysts have also issued reports on IRTC. Zacks Investment Research raised Irhythm Technologies from a hold rating to a buy rating and set a $88.00 price target on the stock in a research note on Wednesday, May 8th. BTIG Research upped their price target on Irhythm Technologies to $90.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Chardan Capital lowered Irhythm Technologies from a buy rating to a neutral rating and cut their price target for the company from $111.00 to $104.00 in a research note on Wednesday, February 20th. JPMorgan Chase & Co. upped their price target on Irhythm Technologies to $110.00 in a research note on Wednesday, February 13th. Finally, Northland Securities reaffirmed a hold rating and set a $75.00 price target on shares of Irhythm Technologies in a research note on Wednesday, February 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $97.33.

Shares of IRTC opened at $70.03 on Tuesday. The company has a current ratio of 3.27, a quick ratio of 3.45 and a debt-to-equity ratio of 0.78. Irhythm Technologies has a 12-month low of $58.99 and a 12-month high of $98.37. The firm has a market cap of $1.69 billion, a PE ratio of -37.05 and a beta of 1.66.



Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.17. Irhythm Technologies had a negative return on equity of 71.31% and a negative net margin of 27.56%. The business had revenue of $47.21 million for the quarter, compared to analyst estimates of $43.83 million. During the same quarter in the prior year, the firm posted ($0.47) earnings per share. The firm’s revenue for the quarter was up 54.4% compared to the same quarter last year. Research analysts anticipate that Irhythm Technologies will post -1.53 EPS for the current fiscal year.

In related news, Director Bruce G. Bodaken sold 2,158 shares of the company’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $95.90, for a total value of $206,952.20. Following the completion of the sale, the director now owns 5,300 shares in the company, valued at $508,270. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $88.76, for a total value of $5,325,600.00. The disclosure for this sale can be found here. Insiders sold 81,576 shares of company stock valued at $7,349,536 in the last quarter. 3.85% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Irhythm Technologies by 2.1% in the first quarter. BlackRock Inc. now owns 1,940,682 shares of the company’s stock worth $145,474,000 after acquiring an additional 39,330 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Irhythm Technologies by 54.0% in the third quarter. Vanguard Group Inc. now owns 1,350,269 shares of the company’s stock worth $127,816,000 after acquiring an additional 473,235 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Irhythm Technologies by 30.6% in the fourth quarter. Millennium Management LLC now owns 977,269 shares of the company’s stock worth $67,901,000 after acquiring an additional 229,090 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Irhythm Technologies by 2.6% in the fourth quarter. Lord Abbett & CO. LLC now owns 738,676 shares of the company’s stock worth $51,323,000 after acquiring an additional 18,488 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Irhythm Technologies in the fourth quarter worth about $46,416,000.

About Irhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

Further Reading: Initial Public Offering (IPO)

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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