iRhythm Technologies, Inc. (NASDAQ:IRTC) EVP Sells $51,366.08 in Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now directly owns 10,360 shares in the company, valued at approximately $773,477.60. The sale was disclosed in a document filed with the SEC, which is available at this link.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded down $3.11 during midday trading on Monday, reaching $70.77. The company had a trading volume of 905,172 shares, compared to its average volume of 421,956. The company’s 50 day moving average price is $95.22 and its 200 day moving average price is $104.98. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. The stock has a market cap of $2.20 billion, a P/E ratio of -16.75 and a beta of 1.25. iRhythm Technologies, Inc. has a 52-week low of $65.54 and a 52-week 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 (EPS) 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 75.14%. The firm had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. During the same period in the prior year, the firm posted ($0.61) earnings per share. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, sell-side analysts anticipate that iRhythm Technologies, Inc. will post -3.22 EPS for the current fiscal year.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently made changes to their positions in IRTC. Principal Financial Group Inc. boosted its holdings in shares of iRhythm Technologies by 1.6% during the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after buying an additional 113 shares in the last quarter. SeaCrest Wealth Management LLC increased its position in shares of iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the last quarter. Ascent Group LLC increased its position 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 purchasing an additional 175 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of iRhythm Technologies by 3.3% during the 4th quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock valued at $668,000 after acquiring an additional 200 shares during the period. Finally, Swiss National Bank grew its stake in shares of iRhythm Technologies by 0.3% during the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after acquiring an additional 200 shares during the period.

Analysts Set New Price Targets

Several research firms have recently issued reports on IRTC. Truist Financial restated a “buy” rating and set a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday. Oppenheimer reduced their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research report on Thursday, June 20th. Morgan Stanley reduced 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 report on Monday, July 15th. Finally, Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $118.67.

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.