BidaskClub Lowers Irhythm Technologies (NASDAQ:IRTC) to Sell

BidaskClub cut shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note released on Tuesday, BidAskClub reports.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Irhythm Technologies from a hold rating to a sell rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on Irhythm Technologies from $110.00 to $125.00 and gave the stock an overweight rating in a report on Thursday, August 1st. Finally, BTIG Research set a $90.00 price target on Irhythm Technologies and gave the stock a buy rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $99.56.

NASDAQ IRTC traded down $1.74 on Tuesday, reaching $69.48. The company had a trading volume of 182,354 shares, compared to its average volume of 392,036. The firm has a market capitalization of $1.73 billion, a PE ratio of -36.76 and a beta of 1.76. Irhythm Technologies has a 1 year low of $58.99 and a 1 year high of $98.13. The firm has a 50-day moving average of $74.99 and a 200-day moving average of $75.63. The company has a debt-to-equity ratio of 2.53, a current ratio of 2.66 and a quick ratio of 2.59.

Irhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.46) earnings per share for the quarter, missing the Zacks’ 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 return on equity of 76.47% and a negative net margin of 24.45%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, sell-side analysts expect that Irhythm Technologies will post -1.56 EPS for the current fiscal year.

In other Irhythm Technologies news, CFO Matthew C. Garrett sold 27,569 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 29,101 shares of the company’s stock, valued at approximately $2,235,829.83. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.85% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Ladenburg Thalmann Financial Services Inc. raised its position 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 purchasing an additional 182 shares in the last quarter. Advisor Group Inc. raised its position 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 purchasing an additional 645 shares in the last quarter. US Bancorp DE raised its position 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 purchasing an additional 1,318 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 purchasing an additional 882 shares in the last quarter. Finally, Bank of Montreal Can raised its position 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 purchasing an additional 2,056 shares in the last quarter.

Irhythm Technologies Company Profile

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.

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Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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