Insider Selling: iRhythm Technologies, Inc. (NASDAQ:IRTC) CMO Sells $148,332.60 in Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction on Tuesday, July 2nd. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $99.51 on Friday. iRhythm Technologies, Inc. has a fifty-two week low of $70.24 and a fifty-two week high of $124.11. The business has a 50-day moving average of $97.52 and a two-hundred day moving average of $106.87. The stock has a market capitalization of $3.10 billion, a P/E ratio of -23.52 and a beta of 1.24. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. The company had revenue of $131.93 million during the quarter, compared to analyst estimates of $128.87 million. On average, equities research analysts predict that iRhythm Technologies, Inc. will post -3.22 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its position in shares of iRhythm Technologies by 112.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 33,104 shares of the company’s stock worth $3,120,000 after purchasing an additional 17,542 shares during the last quarter. Northern Trust Corp increased its stake in iRhythm Technologies by 0.6% during the third quarter. Northern Trust Corp now owns 296,980 shares of the company’s stock valued at $27,993,000 after acquiring an additional 1,715 shares during the period. O Shaughnessy Asset Management LLC bought a new stake in shares of iRhythm Technologies in the 3rd quarter valued at approximately $379,000. Sei Investments Co. grew its stake in shares of iRhythm Technologies by 1.8% in the 3rd quarter. Sei Investments Co. now owns 226,020 shares of the company’s stock valued at $21,305,000 after purchasing an additional 4,049 shares during the period. Finally, Sectoral Asset Management Inc. grew its stake in shares of iRhythm Technologies by 10.0% in the 3rd quarter. Sectoral Asset Management Inc. now owns 33,000 shares of the company’s stock valued at $3,111,000 after purchasing an additional 3,000 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Needham & Company LLC lifted their price target on iRhythm Technologies from $137.00 to $138.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Canaccord Genuity Group lowered their target price on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and a consensus target price of $131.22.

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.