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

StockNews.com lowered shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

Other analysts have also issued research reports about the stock. Robert W. Baird dropped their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Citigroup decreased their target price on iRhythm Technologies from $135.00 to $110.00 and set a buy rating on the stock in a research report on Thursday, August 22nd. JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $133.00 to $100.00 and set an overweight rating for the company in a research report on Friday, August 2nd. Needham & Company LLC decreased their price objective on iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a report on Friday, August 2nd. Finally, Oppenheimer dropped their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an outperform rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies has a consensus rating of Moderate Buy and a consensus target price of $120.33.

iRhythm Technologies Stock Performance

Shares of IRTC stock 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 cap of $2.27 billion, a price-to-earnings ratio of -17.23 and a beta of 1.22. iRhythm Technologies has a 52-week low of $60.88 and a 52-week high of $124.11. The company’s 50 day moving average is $74.22 and its 200 day moving average is $92.43.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The business had revenue of $148.05 million for the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.61) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the transaction, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Minang Turakhia sold 1,404 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the transaction, the chief marketing officer now owns 27,255 shares in the company, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,476 shares of company stock worth $521,081. 0.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC lifted its position in iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings 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 buying an additional 277 shares in the last quarter. SG Americas Securities LLC acquired a new stake in iRhythm Technologies in the 1st quarter valued at approximately $126,000. Russell Investments Group Ltd. raised its stake in iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after acquiring an additional 1,594 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its position in iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 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.