Irhythm Technologies (NASDAQ:IRTC) Downgraded by BidaskClub to “Strong Sell”

BidaskClub downgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a sell rating to a strong sell rating in a research report released on Thursday, BidAskClub reports.

A number of other equities analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Irhythm Technologies from a hold rating to a buy rating and set a $83.00 target price on the stock in a report on Wednesday, October 2nd. BTIG Research set a $90.00 target price on shares of Irhythm Technologies and gave the stock a buy rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Irhythm Technologies from $110.00 to $125.00 and gave the stock an overweight rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $99.56.

Shares of NASDAQ IRTC traded up $2.99 during midday trading on Thursday, reaching $66.44. The company’s stock had a trading volume of 9,668 shares, compared to its average volume of 292,974. The company has a current ratio of 2.66, a quick ratio of 2.59 and a debt-to-equity ratio of 2.53. Irhythm Technologies has a fifty-two week low of $58.99 and a fifty-two week high of $98.13. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -35.34 and a beta of 1.76. The stock has a 50 day simple moving average of $74.11 and a 200-day simple moving average of $74.91.



Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.44) by ($0.02). The business had revenue of $53.30 million during the quarter, compared to analyst estimates of $49.89 million. Irhythm Technologies had a negative net margin of 24.45% and a negative return on equity of 76.47%. Irhythm Technologies’s revenue for the quarter was up 50.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.51) earnings per share. As a group, equities analysts anticipate that Irhythm Technologies will post -1.56 EPS for the current year.

In related news, CFO Matthew C. Garrett sold 27,569 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $76.83, for a total transaction of $2,118,126.27. Following the transaction, the chief financial officer now directly owns 29,101 shares in the company, valued at $2,235,829.83. The sale was disclosed in a filing with the SEC, which is available through this link. 3.85% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Irhythm Technologies by 40.7% in the second 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 during the last quarter. Shaker Investments LLC OH increased its holdings in shares of Irhythm Technologies by 0.8% in the second quarter. Shaker Investments LLC OH now owns 25,142 shares of the company’s stock valued at $1,988,000 after purchasing an additional 188 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Irhythm Technologies by 403.1% in the second quarter. Advisor Group Inc. now owns 805 shares of the company’s stock valued at $63,000 after purchasing an additional 645 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Irhythm Technologies by 93.5% in the second 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 during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Irhythm Technologies by 8.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 13,053 shares of the company’s stock valued at $1,032,000 after acquiring an additional 980 shares during the period.

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: Diversification

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

Receive News & Ratings for Irhythm Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Technologies and related companies with MarketBeat.com's FREE daily email newsletter.