BidaskClub Lowers Irhythm Technologies (IRTC) to Hold

BidaskClub cut shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research report sent to investors on Friday.

A number of other equities analysts also recently weighed in on IRTC. Zacks Investment Research raised shares of Irhythm Technologies from a sell rating to a buy rating and set a $58.00 target price for the company in a research note on Wednesday, October 4th. ValuEngine raised shares of Irhythm Technologies from a sell rating to a hold rating in a research note on Saturday, October 21st. Canaccord Genuity lifted their target price on shares of Irhythm Technologies from $55.00 to $59.00 and gave the stock a buy rating in a research note on Thursday, November 2nd. Morgan Stanley lifted their target price on shares of Irhythm Technologies from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Friday, November 3rd. Finally, Dougherty & Co initiated coverage on shares of Irhythm Technologies in a research note on Friday, December 1st. They set a neutral rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $65.25.

Irhythm Technologies (IRTC) opened at $61.10 on Friday. Irhythm Technologies has a 52 week low of $30.95 and a 52 week high of $66.20. The firm has a market cap of $1,400.00 and a price-to-earnings ratio of -51.34. The company has a debt-to-equity ratio of 0.38, a quick ratio of 7.57 and a current ratio of 7.65.

Irhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 27.67%. The business had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same quarter last year, the firm earned ($2.80) earnings per share. Irhythm Technologies’s quarterly revenue was up 49.2% on a year-over-year basis. analysts expect that Irhythm Technologies will post -1.17 EPS for the current fiscal year.

In other Irhythm Technologies news, CFO Matthew C. Garrett sold 1,193 shares of Irhythm Technologies stock in a transaction on Monday, December 4th. The shares were sold at an average price of $55.00, for a total value of $65,615.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vijay K. Lathi sold 150,000 shares of Irhythm Technologies stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $52.57, for a total transaction of $7,885,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,533 shares of company stock valued at $28,333,506. Insiders own 23.30% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. FMR LLC increased its stake in Irhythm Technologies by 382.2% in the second quarter. FMR LLC now owns 1,542,886 shares of the company’s stock valued at $65,557,000 after purchasing an additional 1,222,886 shares in the last quarter. Capital Research Global Investors increased its stake in Irhythm Technologies by 103.2% in the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock valued at $101,941,000 after purchasing an additional 1,218,580 shares in the last quarter. Redmile Group LLC bought a new stake in Irhythm Technologies in the second quarter valued at $20,240,000. JPMorgan Chase & Co. increased its stake in Irhythm Technologies by 9,692.8% in the third quarter. JPMorgan Chase & Co. now owns 313,371 shares of the company’s stock valued at $16,220,000 after purchasing an additional 310,171 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC bought a new stake in Irhythm Technologies in the second quarter valued at $11,047,000. 97.80% of the stock is owned by hedge funds and other institutional investors.

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Irhythm Technologies Company Profile

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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