Irhythm Technologies (NASDAQ:IRTC) Trading Up 6.5%

Irhythm Technologies Inc (NASDAQ:IRTC) was up 6.5% on Wednesday . The stock traded as high as $77.98 and last traded at $77.32, approximately 355,600 shares traded hands during mid-day trading. A decline of 12% from the average daily volume of 402,400 shares. The stock had previously closed at $72.62.

Several equities analysts have weighed in on IRTC shares. Zacks Investment Research downgraded Irhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on Irhythm Technologies from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. BidaskClub downgraded Irhythm Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Finally, BTIG Research set a $90.00 target price on Irhythm Technologies and gave the company a “buy” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Irhythm Technologies presently has a consensus rating of “Buy” and a consensus target price of $99.00.

The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -41.60 and a beta of 1.77. The company has a debt-to-equity ratio of 2.53, a quick ratio of 2.59 and a current ratio of 2.66. The firm has a 50-day simple moving average of $75.86 and a two-hundred day simple moving average of $77.30.



Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.02). The company had revenue of $53.30 million during the quarter, compared to analysts’ expectations of $49.89 million. Irhythm Technologies had a negative net margin of 24.45% and a negative return on equity of 76.47%. The business’s quarterly revenue was up 50.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.51) EPS. As a group, equities analysts forecast that Irhythm Technologies Inc will post -1.53 EPS for the current fiscal year.

In other news, CFO Matthew C. Garrett sold 27,569 shares of Irhythm Technologies stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $76.83, for a total value of $2,118,126.27. Following the completion of the transaction, the chief financial officer now owns 29,101 shares in the company, valued at approximately $2,235,829.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.85% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Irhythm Technologies by 40.7% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 629 shares of the company’s stock valued at $50,000 after buying an additional 182 shares during the period. Advisor Group Inc. boosted its stake in shares of Irhythm Technologies by 403.1% in the 2nd quarter. Advisor Group Inc. now owns 805 shares of the company’s stock valued at $63,000 after buying an additional 645 shares during the period. US Bancorp DE boosted its stake in shares of Irhythm Technologies by 1,029.7% in the 2nd quarter. US Bancorp DE now owns 1,446 shares of the company’s stock valued at $114,000 after buying an additional 1,318 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Irhythm Technologies by 93.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,825 shares of the company’s stock valued at $144,000 after buying an additional 882 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of Irhythm Technologies by 3,879.2% in the 2nd quarter. Bank of Montreal Can now owns 2,109 shares of the company’s stock valued at $167,000 after buying an additional 2,056 shares during the period.

About Irhythm Technologies (NASDAQ:IRTC)

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: What Does a Sell-Side Analyst Rating Mean?

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