iRhythm Technologies (NASDAQ:IRTC) Insider Sells $1,056,953.10 in Stock

iRhythm Technologies (NASDAQ:IRTC) insider Patrick Michael Murphy sold 7,805 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,953.10. Following the completion of the transaction, the insider directly owned 60,536 shares of the company’s stock, valued at approximately $8,197,785.12. This trade represents a 11.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Patrick Michael Murphy also recently made the following trade(s):

• On Tuesday, December 2nd, Patrick Michael Murphy sold 2,478 shares of iRhythm Technologies stock. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $133.75 on Friday. The business has a 50 day simple moving average of $161.48 and a 200 day simple moving average of $170.60. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The company has a market capitalization of $4.32 billion, a PE ratio of -95.54 and a beta of 1.06. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The firm had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. During the same period last year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. On average, sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $211.62.

Institutional Trading of iRhythm Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC acquired a new position in iRhythm Technologies during the third quarter valued at approximately $30,000. Root Financial Partners LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its holdings in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of iRhythm Technologies by 100.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after buying an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of iRhythm Technologies in the third quarter valued at $34,000.

Key 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.

iRhythm Technologies Company Profile

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.