Irhythm Technologies (IRTC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a report published on Saturday 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. “

A number of other analysts have also commented on IRTC. BidaskClub raised Irhythm Technologies from a hold rating to a buy rating in a research note on Friday, July 6th. JPMorgan Chase & Co. reissued an overweight rating and set a $100.00 price target on shares of Irhythm Technologies in a research note on Thursday, August 2nd. BTIG Research reissued a hold rating on shares of Irhythm Technologies in a research note on Thursday, August 2nd. Dougherty & Co upgraded Irhythm Technologies from a sell rating to a neutral rating in a research report on Thursday, August 2nd. Finally, Chardan Capital assumed coverage on Irhythm Technologies in a research report on Thursday, September 6th. They set a buy rating and a $117.00 price objective for the company. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $93.13.

Shares of IRTC stock traded down $0.53 during mid-day trading on Friday, reaching $82.30. 320,210 shares of the stock traded hands, compared to its average volume of 412,336. Irhythm Technologies has a 1-year low of $46.95 and a 1-year high of $98.37. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of -63.31 and a beta of 2.03. The company has a current ratio of 4.79, a quick ratio of 5.47 and a debt-to-equity ratio of 0.51.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Tuesday, October 30th. The company reported ($0.43) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. Irhythm Technologies had a negative return on equity of 62.85% and a negative net margin of 33.79%. The firm had revenue of $38.10 million for the quarter, compared to analyst estimates of $35.87 million. During the same period last year, the firm posted ($0.29) earnings per share. The business’s revenue for the quarter was up 52.2% on a year-over-year basis. On average, sell-side analysts predict that Irhythm Technologies will post -1.86 earnings per share for the current fiscal year.

In other Irhythm Technologies news, insider Kevin M. King sold 60,000 shares of Irhythm Technologies stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $82.90, for a total value of $4,974,000.00. Following the completion of the sale, the insider now directly owns 282,367 shares in the company, valued at $23,408,224.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Derrick Sung sold 10,000 shares of Irhythm Technologies stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $83.10, for a total value of $831,000.00. Following the completion of the sale, the executive vice president now owns 29,458 shares of the company’s stock, valued at $2,447,959.80. The disclosure for this sale can be found here. Insiders have sold 80,000 shares of company stock valued at $6,685,100 over the last 90 days. 23.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its holdings in Irhythm Technologies by 30.2% in the second quarter. BlackRock Inc. now owns 2,111,203 shares of the company’s stock worth $171,283,000 after purchasing an additional 489,585 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Irhythm Technologies by 18.6% in the second quarter. Wells Fargo & Company MN now owns 826,252 shares of the company’s stock worth $67,033,000 after purchasing an additional 129,506 shares in the last quarter. Millennium Management LLC increased its holdings in Irhythm Technologies by 17.1% in the second quarter. Millennium Management LLC now owns 726,837 shares of the company’s stock worth $58,968,000 after purchasing an additional 106,337 shares in the last quarter. Partner Fund Management L.P. bought a new stake in Irhythm Technologies in the second quarter worth approximately $39,789,000. Finally, OppenheimerFunds Inc. increased its holdings in Irhythm Technologies by 15.2% in the second quarter. OppenheimerFunds Inc. now owns 344,730 shares of the company’s stock worth $27,968,000 after purchasing an additional 45,450 shares in the last quarter.

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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