iRhythm Technologies (NASDAQ:IRTC) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research report report published on Saturday.

A number of other research firms have also weighed in on IRTC. Needham & Company LLC reissued a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a report on Monday, January 12th. Wells Fargo & Company decreased their price objective on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $194.00 to $210.00 in a report on Monday, January 5th. Truist Financial decreased their price objective on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Robert W. Baird decreased their price objective on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

iRhythm Technologies Stock Up 3.0%

IRTC stock opened at $125.96 on Friday. 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 firm has a market capitalization of $4.14 billion, a PE ratio of -89.97 and a beta of 1.18. iRhythm Technologies has a 1-year low of $104.53 and a 1-year high of $212.00. The business’s 50 day simple moving average is $124.64 and its 200 day simple moving average is $155.37.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The business had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The firm’s revenue was up 27.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.04) EPS. As a group, research analysts anticipate that iRhythm Technologies will post -0.16 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, EVP Minang Turakhia sold 7,804 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,056,817.68. Following the completion of the sale, the executive vice president directly owned 48,899 shares in the company, valued at approximately $6,621,902.58. This represents a 13.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sumi Shrishrimal sold 6,217 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $841,906.14. Following the sale, the executive vice president 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 94,509 shares of company stock worth $12,734,195. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $3,439,800,000. Vanguard Group Inc. lifted its position in shares of iRhythm Technologies by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after acquiring an additional 70,420 shares during the period. RTW Investments LP bought a new stake in shares of iRhythm Technologies during the 4th quarter valued at $209,732,000. Geode Capital Management LLC lifted its position in shares of iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after acquiring an additional 68,301 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of iRhythm Technologies by 45.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock valued at $147,251,000 after acquiring an additional 259,800 shares during the period.

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.