iRhythm Technologies (NASDAQ:IRTC) Raised 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 Thursday.

A number of other equities research analysts also recently weighed in on IRTC. Truist Financial reiterated a buy rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. Morgan Stanley cut their price objective 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. JPMorgan Chase & Co. reduced their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an overweight rating for the company in a research note on Friday, August 2nd. 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 research note on Thursday, June 20th. Finally, Oppenheimer reduced their price target on iRhythm Technologies from $165.00 to $145.00 and set an outperform 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. According to MarketBeat.com, iRhythm Technologies presently has an average rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $70.00 on Thursday. The firm has a market capitalization of $2.18 billion, a PE ratio of -16.55 and a beta of 1.22. The stock’s fifty day moving average is $77.11 and its 200 day moving average is $93.83. iRhythm Technologies has a fifty-two week low of $60.88 and a fifty-two week high of $124.11. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping 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 business’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.61) earnings per share. On average, sell-side analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other 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 completion of the sale, 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 can be accessed through this link. Also, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,476 shares of company stock worth $521,081. 0.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC grew its holdings in shares of iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares during the period. Nisa Investment Advisors LLC boosted its stake in iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the period. SG Americas Securities LLC acquired a new stake in shares of iRhythm Technologies during the first quarter valued at about $126,000. Russell Investments Group Ltd. raised its stake in shares of iRhythm Technologies by 79,700.0% in 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 during the period. Finally, SeaCrest Wealth Management LLC lifted its holdings in shares of iRhythm Technologies by 7.6% in 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 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.