Zacks Investment Research cut shares of Irhythm Tech (NASDAQ:IRTC) from a buy rating to a hold rating in a report released on Wednesday 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. “

Separately, Canaccord Genuity upped their price objective on Irhythm Tech from $49.00 to $55.00 and gave the stock a buy rating in a research report on Friday, September 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of Buy and an average target price of $44.40.

Shares of Irhythm Tech (IRTC) traded up 0.27% during midday trading on Wednesday, hitting $52.27. The stock had a trading volume of 162,118 shares. The company’s market capitalization is $1.19 billion. The firm’s 50-day moving average is $50.38 and its 200 day moving average is $50.38. Irhythm Tech has a one year low of $22.16 and a one year high of $53.10.

Irhythm Tech (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million during the quarter, compared to analysts’ expectations of $22.10 million. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. Irhythm Tech’s quarterly revenue was up 51.6% compared to the same quarter last year. Equities analysts expect that Irhythm Tech will post ($1.13) earnings per share for the current fiscal year.

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In other news, Director Raymond W. Scott sold 4,661 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $48.02, for a total transaction of $223,821.22. Following the completion of the transaction, the director now directly owns 4,661 shares of the company’s stock, valued at $223,821.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David A. Vort sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $48.76, for a total value of $243,800.00. The disclosure for this sale can be found here. Insiders have sold 118,014 shares of company stock valued at $5,453,106 over the last ninety days. 23.30% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Nationwide Fund Advisors boosted its position in shares of Irhythm Tech by 30.2% during 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. Legal & General Group Plc boosted its position in shares of Irhythm Tech by 131.0% during the second 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 during the period. Bank of New York Mellon Corp boosted its position in shares of Irhythm Tech by 20.9% during the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock worth $814,000 after buying an additional 3,743 shares during the period. EAM Investors LLC boosted its position in shares of Irhythm Tech by 19.7% during the second quarter. EAM Investors LLC now owns 24,942 shares of the company’s stock worth $1,060,000 after buying an additional 4,106 shares during the period. Finally, American International Group Inc. acquired a new position in shares of Irhythm Tech during the first quarter worth about $161,000. 93.25% of the stock is owned by institutional investors.

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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