Irhythm Technologies (NASDAQ:IRTC) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “

Other equities analysts also recently issued reports about the company. Morgan Stanley lifted their target price on Irhythm Technologies from $101.00 to $110.00 and gave the company an overweight rating in a research note on Tuesday, December 17th. Canaccord Genuity restated a buy rating and issued a $107.00 target price on shares of Irhythm Technologies in a research note on Tuesday, December 24th. William Blair initiated coverage on Irhythm Technologies in a research note on Thursday, January 9th. They issued an outperform rating for the company. ValuEngine upgraded Irhythm Technologies from a hold rating to a buy rating in a research note on Tuesday, December 31st. Finally, BTIG Research initiated coverage on Irhythm Technologies in a research note on Wednesday, February 5th. They issued a buy rating and a $90.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $103.67.

Shares of Irhythm Technologies stock opened at $86.97 on Tuesday. The company has a quick ratio of 3.99, a current ratio of 4.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $2.14 billion, a P/E ratio of -40.64 and a beta of 1.60. Irhythm Technologies has a fifty-two week low of $56.24 and a fifty-two week high of $98.07. The business has a 50-day moving average price of $85.83 and a 200 day moving average price of $74.39.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.65) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.53) by ($0.12). The firm had revenue of $59.10 million during the quarter, compared to the consensus estimate of $58.42 million. Irhythm Technologies had a negative net margin of 26.45% and a negative return on equity of 67.44%. The firm’s quarterly revenue was up 41.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.61) earnings per share. As a group, equities research analysts anticipate that Irhythm Technologies will post -2.01 earnings per share for the current year.

In other Irhythm Technologies news, CEO Kevin M. King sold 39,791 shares of Irhythm Technologies stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $80.00, for a total value of $3,183,280.00. Following the completion of the transaction, the chief executive officer now directly owns 245,025 shares in the company, valued at $19,602,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew C. Garrett sold 4,954 shares of Irhythm Technologies stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $80.00, for a total value of $396,320.00. Following the completion of the transaction, the chief financial officer now owns 21,930 shares of the company’s stock, valued at $1,754,400. The disclosure for this sale can be found here. Insiders own 3.85% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Irhythm Technologies during the first quarter worth approximately $1,911,000. Envestnet Asset Management Inc. boosted its position in shares of Irhythm Technologies by 3.6% during the third quarter. Envestnet Asset Management Inc. now owns 7,400 shares of the company’s stock worth $548,000 after buying an additional 255 shares during the period. California Public Employees Retirement System boosted its position in shares of Irhythm Technologies by 45.4% during the third quarter. California Public Employees Retirement System now owns 46,700 shares of the company’s stock worth $3,461,000 after buying an additional 14,582 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Irhythm Technologies by 14.3% during the third quarter. Oppenheimer Asset Management Inc. now owns 4,445 shares of the company’s stock worth $330,000 after buying an additional 557 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in shares of Irhythm Technologies during the third quarter worth approximately $212,000.

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.

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