Zacks Investment Research lowered shares of Irhythm Tech (NASDAQ:IRTC) from a hold rating to a sell rating in a report issued on Tuesday morning.

According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “

Several other equities analysts have also issued reports on the company. 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. Morgan Stanley upped their target price on Irhythm Tech from $43.00 to $47.00 and gave the company an overweight rating in a report on Tuesday, June 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $37.75.

Shares of Irhythm Tech (NASDAQ:IRTC) traded up 0.34% during midday trading on Tuesday, hitting $43.99. The company’s stock had a trading volume of 31,897 shares. Irhythm Tech has a 1-year low of $22.16 and a 1-year high of $45.42. The company’s market cap is $983.70 million. The company has a 50-day moving average price of $41.59 and a 200 day moving average price of $36.87.

Irhythm Tech (NASDAQ:IRTC) last released its earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million during the quarter, compared to analyst estimates of $22.10 million. Irhythm Tech had a negative return on equity of 98.97% and a negative net margin of 27.34%. Irhythm Tech’s quarterly revenue was up 51.6% on a year-over-year basis. On average, equities research analysts predict that Irhythm Tech will post ($1.14) EPS for the current year.

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In other news, insider Kevin M. King sold 110,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $42.08, for a total value of $4,628,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Raymond W. Scott sold 52,903 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.59, for a total value of $2,306,041.77. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,613,613 shares of company stock valued at $59,659,115. 23.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in IRTC. Swiss National Bank acquired a new position in Irhythm Tech during the second quarter valued at about $629,000. Neuberger Berman Group LLC purchased a new position in Irhythm Tech during the second quarter valued at approximately $1,955,000. Victory Capital Management Inc. purchased a new position in Irhythm Tech during the second quarter valued at approximately $8,415,000. Columbus Circle Investors increased its position in Irhythm Tech by 688.6% in the second quarter. Columbus Circle Investors now owns 149,823 shares of the company’s stock valued at $6,366,000 after buying an additional 130,825 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Irhythm Tech during the second quarter valued at approximately $21,300,000. 59.19% of the stock is owned by institutional investors.

About Irhythm Tech

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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