iRhythm Technologies (NASDAQ:IRTC) Downgraded to Sell at StockNews.com

iRhythm Technologies (NASDAQ:IRTC) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Friday.

Other equities research analysts have also issued reports about the stock. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a research note on Thursday, June 20th. Robert W. Baird reduced their price target on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Citigroup reduced their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Truist Financial reaffirmed a “buy” rating and issued a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.33.

iRhythm Technologies Trading Up 1.7 %

Shares of IRTC opened at $72.87 on Friday. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The firm has a market capitalization of $2.27 billion, a PE ratio of -17.23 and a beta of 1.22. The stock’s fifty day simple moving average is $74.22 and its 200-day simple moving average is $92.61. iRhythm Technologies has a 12-month low of $60.88 and a 12-month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same period last year, the firm posted ($0.61) earnings per share. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, research analysts predict that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,476 shares of company stock valued at $521,081. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

Several institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of iRhythm Technologies by 1.6% in the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after buying an additional 113 shares during the last quarter. SeaCrest Wealth Management LLC raised its stake in iRhythm Technologies by 7.6% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after acquiring an additional 150 shares during the period. Ascent Group LLC lifted its stake in shares of iRhythm Technologies by 4.6% during the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock valued at $462,000 after buying an additional 175 shares in the last quarter. Swiss National Bank boosted its holdings in shares of iRhythm Technologies by 0.3% in the first quarter. Swiss National Bank now owns 60,500 shares of the company’s stock worth $7,018,000 after acquiring an additional 200 shares during the period. Finally, Nisa Investment Advisors LLC boosted its stake in iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.