IRHYTHM TECH (NASDAQ:IRTC) Insider Sells $4,628,800.00 in Stock
IRHYTHM TECH (NASDAQ:IRTC) insider Kevin M. King sold 110,000 shares of IRHYTHM TECH stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $42.08, for a total transaction of $4,628,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of IRHYTHM TECH (NASDAQ:IRTC) opened at 42.04 on Monday. IRHYTHM TECH has a 1-year low of $22.16 and a 1-year high of $44.70. The stock’s market capitalization is $934.47 million. The firm’s 50-day moving average is $37.23 and its 200 day moving average is $34.57.
IRHYTHM TECH (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, May 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.12. The company had revenue of $21.40 million during the quarter, compared to analysts’ expectations of $19.13 million. IRHYTHM TECH’s revenue for the quarter was up 67.2% compared to the same quarter last year. On average, analysts expect that IRHYTHM TECH will post ($1.08) EPS for the current fiscal year.
Several analysts have recently weighed in on IRTC shares. Canaccord Genuity reaffirmed a “buy” rating and issued a $42.00 target price on shares of IRHYTHM TECH in a report on Tuesday, June 6th. Zacks Investment Research upgraded shares of IRHYTHM TECH from a “sell” rating to a “hold” rating in a research note on Wednesday, April 19th. Finally, Morgan Stanley raised their price objective on shares of IRHYTHM TECH from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $37.75.
Several hedge funds have recently bought and sold shares of IRTC. Nationwide Fund Advisors raised its stake in IRHYTHM TECH by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after buying an additional 945 shares during the period. Bank of New York Mellon Corp raised its position in shares of IRHYTHM TECH by 20.9% in the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock valued at $814,000 after buying an additional 3,743 shares during the last quarter. American International Group Inc. acquired a new position in shares of IRHYTHM TECH during the first quarter valued at $161,000. Driehaus Capital Management LLC raised its position in shares of IRHYTHM TECH by 4.0% in the first quarter. Driehaus Capital Management LLC now owns 131,907 shares of the company’s stock valued at $4,960,000 after buying an additional 5,111 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in shares of IRHYTHM TECH by 39.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 28,981 shares of the company’s stock valued at $1,090,000 after buying an additional 8,145 shares during the last quarter. 59.13% of the stock is owned by institutional investors and hedge funds.
IRHYTHM TECH Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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