iRhythm Technologies (NASDAQ:IRTC) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a sell rating to a hold rating in a research report released on Wednesday.

Several other analysts have also issued reports on IRTC. Oppenheimer reduced 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. Morgan Stanley reduced their price target 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. Canaccord Genuity Group decreased 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. Wolfe Research upgraded shares of iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 target price for the company in a report on Thursday, June 20th. Finally, Needham & Company LLC cut their target price on iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $118.67.

iRhythm Technologies Trading Up 0.2 %

Shares of iRhythm Technologies stock traded up $0.13 during mid-day trading on Wednesday, hitting $70.99. The stock had a trading volume of 436,211 shares, compared to its average volume of 422,895. The firm has a 50-day moving average of $93.50 and a two-hundred day moving average of $103.66. The firm has a market cap of $2.21 billion, a P/E ratio of -16.78 and a beta of 1.25. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. iRhythm Technologies has a 12-month low of $65.54 and a 12-month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.61) earnings per share. Sell-side analysts forecast that iRhythm Technologies will post -3.22 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the sale, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at $726,750.34. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at $726,750.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the executive vice president now owns 10,360 shares in the company, valued at $773,477.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,745 shares of company stock valued at $570,476. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Westfield Capital Management Co. LP purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth approximately $58,311,000. Champlain Investment Partners LLC raised its stake in iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after acquiring an additional 293,710 shares in the last quarter. First Light Asset Management LLC lifted its position in iRhythm Technologies by 176.8% in the first quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock valued at $48,823,000 after acquiring an additional 268,829 shares during the last quarter. Norges Bank acquired a new position in iRhythm Technologies in the fourth quarter valued at $26,522,000. Finally, Capital Research Global Investors boosted its stake in iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after acquiring an additional 121,709 shares in the last quarter.

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.