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

Zacks Investment Research lowered shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research report report published on Thursday.

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. “

Several other equities analysts have also issued reports on the stock. Canaccord Genuity restated a buy rating and issued a $80.00 target price (up previously from $68.00) on shares of Irhythm Technologies in a report on Monday, March 12th. BidaskClub lowered shares of Irhythm Technologies from a hold rating to a sell rating in a report on Tuesday, April 24th. Morgan Stanley boosted their target price on shares of Irhythm Technologies from $70.00 to $86.00 and gave the company an overweight rating in a report on Monday, June 4th. BMO Capital Markets began coverage on shares of Irhythm Technologies in a report on Monday, March 5th. They set an outperform rating and a $76.00 price objective on the stock. Finally, ValuEngine upgraded shares of Irhythm Technologies from a hold rating to a buy rating in a report on Wednesday, May 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $74.00.

Irhythm Technologies traded down $0.72, hitting $78.20, during midday trading on Thursday, Marketbeat.com reports. The stock had a trading volume of 4,199 shares, compared to its average volume of 284,087. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -60.71 and a beta of 1.45. The company has a quick ratio of 6.48, a current ratio of 6.59 and a debt-to-equity ratio of 0.45. Irhythm Technologies has a 1-year low of $39.06 and a 1-year high of $84.70.

Irhythm Technologies (NASDAQ:IRTC) last released its earnings results on Wednesday, May 2nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.11). The firm had revenue of $30.60 million during the quarter, compared to analyst estimates of $29.07 million. Irhythm Technologies had a negative net margin of 32.73% and a negative return on equity of 43.37%. Irhythm Technologies’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.24) EPS. research analysts expect that Irhythm Technologies will post -1.57 earnings per share for the current year.

In other news, insider Derrick Sung sold 10,000 shares of the company’s stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the transaction, the insider now owns 23,858 shares in the company, valued at $1,670,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raymond W. Scott sold 6,877 shares of the company’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $80.41, for a total transaction of $552,979.57. Following the transaction, the director now owns 8,905 shares in the company, valued at approximately $716,051.05. The disclosure for this sale can be found here. Insiders have sold 96,877 shares of company stock worth $6,525,780 in the last quarter. Company insiders own 23.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in IRTC. Wells Fargo & Company MN raised its holdings in shares of Irhythm Technologies by 109.7% during the first quarter. Wells Fargo & Company MN now owns 696,746 shares of the company’s stock valued at $43,860,000 after purchasing an additional 364,422 shares during the period. OppenheimerFunds Inc. acquired a new stake in shares of Irhythm Technologies in the 4th quarter worth about $15,385,000. Redmile Group LLC raised its holdings in shares of Irhythm Technologies by 47.6% in the 4th quarter. Redmile Group LLC now owns 814,574 shares of the company’s stock worth $45,657,000 after acquiring an additional 262,533 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Irhythm Technologies by 50.2% in the 1st quarter. Millennium Management LLC now owns 620,500 shares of the company’s stock worth $39,060,000 after acquiring an additional 207,413 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Irhythm Technologies by 8.1% in the 4th quarter. BlackRock Inc. now owns 1,604,250 shares of the company’s stock worth $89,917,000 after acquiring an additional 120,352 shares during 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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