Zacks: Brokerages Anticipate Irhythm Technologies Inc (IRTC) Will Post Quarterly Sales of $35.44 Million

Wall Street brokerages expect Irhythm Technologies Inc (NASDAQ:IRTC) to announce $35.44 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Irhythm Technologies’ earnings, with the highest sales estimate coming in at $35.83 million and the lowest estimate coming in at $35.05 million. Irhythm Technologies posted sales of $25.04 million in the same quarter last year, which suggests a positive year over year growth rate of 41.5%. The firm is scheduled to report its next earnings report on Wednesday, November 7th.

According to Zacks, analysts expect that Irhythm Technologies will report full-year sales of $140.86 million for the current fiscal year, with estimates ranging from $140.43 million to $141.78 million. For the next financial year, analysts forecast that the firm will report sales of $189.60 million per share, with estimates ranging from $182.70 million to $198.53 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Irhythm Technologies.

Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.12). Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The business had revenue of $35.50 million during the quarter, compared to analyst estimates of $32.52 million. During the same quarter last year, the company posted ($0.29) EPS. Irhythm Technologies’s quarterly revenue was up 48.8% compared to the same quarter last year.

Several brokerages recently weighed in on IRTC. BidaskClub upgraded shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Friday, July 6th. Zacks Investment Research downgraded shares of Irhythm Technologies from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Chardan Capital began coverage on shares of Irhythm Technologies in a report on Thursday, September 6th. They issued a “buy” rating and a $117.00 price target on the stock. Canaccord Genuity increased their price target on shares of Irhythm Technologies from $93.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada increased their price target on shares of Irhythm Technologies to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, June 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Irhythm Technologies has a consensus rating of “Buy” and a consensus target price of $89.25.

NASDAQ:IRTC traded up $0.87 during midday trading on Wednesday, hitting $96.89. The company’s stock had a trading volume of 239,610 shares, compared to its average volume of 255,719. Irhythm Technologies has a fifty-two week low of $46.95 and a fifty-two week high of $98.37. The company has a current ratio of 5.58, a quick ratio of 5.47 and a debt-to-equity ratio of 0.48. The company has a market cap of $2.15 billion, a PE ratio of -74.53 and a beta of 1.30.

In other news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $82.90, for a total transaction of $4,974,000.00. Following the sale, the insider now owns 282,367 shares of the company’s stock, valued at approximately $23,408,224.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derrick Sung sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $82.01, for a total transaction of $820,100.00. Following the sale, the insider now directly owns 26,658 shares in the company, valued at approximately $2,186,222.58. The disclosure for this sale can be found here. Insiders have sold a total of 84,537 shares of company stock worth $7,013,900 in the last ninety days. Corporate insiders own 23.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Irhythm Technologies during the 2nd quarter worth approximately $101,000. SG Americas Securities LLC acquired a new stake in shares of Irhythm Technologies during the 1st quarter worth approximately $112,000. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new stake in shares of Irhythm Technologies during the 2nd quarter worth approximately $140,000. Great West Life Assurance Co. Can grew its stake in shares of Irhythm Technologies by 119.9% during the 2nd quarter. Great West Life Assurance Co. Can now owns 1,979 shares of the company’s stock worth $161,000 after purchasing an additional 1,079 shares during the period. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Irhythm Technologies during the 1st quarter worth approximately $208,000.

Irhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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