Irhythm Tech (IRTC) Director Vijay K. Lathi Sells 34,613 Shares
Irhythm Tech (NASDAQ:IRTC) Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total transaction of $1,713,689.63. Following the transaction, the director now directly owns 1,405 shares in the company, valued at $69,561.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Irhythm Tech (IRTC) traded down 0.81% during trading on Friday, reaching $48.69. 590,288 shares of the company’s stock traded hands. Irhythm Tech has a 12 month low of $22.16 and a 12 month high of $50.51. The firm has a 50 day moving average price of $49.09 and a 200-day moving average price of $44.37. The firm’s market cap is $1.11 billion.
Irhythm Tech (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.02. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. The firm had revenue of $23.85 million for the quarter, compared to analysts’ expectations of $22.10 million. Irhythm Tech’s revenue for the quarter was up 51.6% compared to the same quarter last year. On average, analysts forecast that Irhythm Tech will post ($1.13) earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the business. Legal & General Group Plc lifted its position in Irhythm Tech by 131.0% during the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares in the last quarter. Nationwide Fund Advisors lifted its position in Irhythm Tech by 30.2% during the 1st quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after buying an additional 945 shares in the last quarter. American International Group Inc. bought a new stake in Irhythm Tech during the 1st quarter worth about $161,000. First Mercantile Trust Co. bought a new stake in Irhythm Tech during the 2nd quarter worth about $221,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in Irhythm Tech during the 2nd quarter worth about $262,000. 93.25% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on IRTC shares. Morgan Stanley increased their target price on shares of Irhythm Tech from $43.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 6th. Canaccord Genuity reissued a “buy” rating and set a $42.00 target price on shares of Irhythm Tech in a research report on Tuesday, June 6th. Finally, Zacks Investment Research downgraded shares of Irhythm Tech from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $37.75.
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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