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

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

IRTC has been the topic of a number of other research reports. Truist Financial reaffirmed a “buy” rating and issued a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Robert W. Baird reduced their target price on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Oppenheimer cut their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley cut their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. One equities 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $120.33.

iRhythm Technologies Trading Down 1.5 %

Shares of IRTC opened at $71.63 on Friday. The firm has a market capitalization of $2.23 billion, a P/E ratio of -16.93 and a beta of 1.22. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The firm has a 50-day moving average price of $75.28 and a 200 day moving average price of $93.00. iRhythm Technologies has a 12-month low of $60.88 and a 12-month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.61) EPS. Sell-side analysts forecast that iRhythm Technologies will post -2.66 EPS for the current year.

Insider Activity

In related news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the sale, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction that occurred 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 sale, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now directly 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 three months, insiders have sold 6,476 shares of company stock worth $521,081. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its position in shares of iRhythm Technologies by 7.0% during the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after buying an additional 15,381 shares during the last quarter. Capital Research Global Investors increased its position in shares of iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after acquiring an additional 121,709 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of iRhythm Technologies in the first quarter valued at approximately $1,925,000. Capstone Investment Advisors LLC bought a new position in iRhythm Technologies during the 1st quarter valued at $1,078,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of iRhythm Technologies by 361.1% during the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after purchasing an additional 38,344 shares in the last quarter.

iRhythm Technologies Company Profile

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.