Insider Selling: iRhythm Technologies (NASDAQ:IRTC) EVP Sells $841,906.14 in Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Sumi Shrishrimal sold 6,217 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the completion of the transaction, the executive vice president directly owned 39,182 shares of the company’s stock, valued at approximately $5,306,026.44. The trade was a 13.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $133.75 on Friday. The stock has a market cap of $4.32 billion, a P/E ratio of -95.54 and a beta of 1.06. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The stock’s 50-day moving average is $161.48 and its 200-day moving average is $170.60. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to the consensus estimate of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) EPS. Equities research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently modified their holdings of IRTC. MidFirst Bank purchased a new position in iRhythm Technologies in the fourth quarter worth $235,000. Corient Private Wealth LLC raised its stake in shares of iRhythm Technologies by 12.1% during the 4th quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock worth $313,000 after purchasing an additional 191 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of iRhythm Technologies by 7.4% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock worth $113,459,000 after buying an additional 44,175 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of iRhythm Technologies in the 4th quarter worth about $855,000. Finally, RTW Investments LP bought a new position in iRhythm Technologies during the fourth quarter valued at about $209,732,000.

More iRhythm Technologies News

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Quarterly beat — iRhythm reported $0.29 EPS vs. $0.02 expected and revenue of $208.9M (+27% YoY), showing accelerating top-line growth that supports the growth story. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional ownership rising — several large funds have added or increased stakes recently, providing a demand cushion for the shares and signaling confidence from professional investors. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst actions mixed — some firms trimmed price targets but many maintain Buy/Overweight ratings; consensus remains a moderate buy with a multi-month average target above the current price. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy executive selling — CEO Quentin Blackford sold 25,540 shares and multiple senior officers (CFO, CAO, several EVPs) sold sizeable blocks at ~ $135.42 on Feb. 25; coordinated senior sales often spur near-term selling pressure and investor concern. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short positions have increased, raising potential for additional downside volatility if momentum stays negative or forced covering if sentiment flips.

Analyst Ratings Changes

Several research analysts have recently weighed in on IRTC shares. Canaccord Genuity Group lowered their price objective on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a report on Monday, January 12th. JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Finally, Wall Street Zen upgraded shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average price target of $211.62.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.