Irhythm Technologies (IRTC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

IRTC has been the subject of several other reports. Canaccord Genuity upped their target price on Irhythm Technologies from $84.00 to $90.00 and gave the company a buy rating in a report on Friday, January 11th. BidaskClub cut Irhythm Technologies from a buy rating to a hold rating in a report on Thursday, February 7th. Chardan Capital cut Irhythm Technologies from a buy rating to a neutral rating and dropped their target price for the company from $111.00 to $104.00 in a report on Wednesday, February 20th. BTIG Research upgraded Irhythm Technologies from a neutral rating to a buy rating and set a $80.00 target price for the company in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. upped their target price on Irhythm Technologies to $110.00 in a report on Wednesday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of Buy and an average price target of $96.22.

Shares of NASDAQ:IRTC opened at $68.92 on Thursday. The company has a current ratio of 3.52, a quick ratio of 3.45 and a debt-to-equity ratio of 0.64. Irhythm Technologies has a 52-week low of $55.18 and a 52-week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.45) by ($0.03). The company had revenue of $43.16 million during the quarter, compared to analysts’ expectations of $40.21 million. Irhythm Technologies had a negative net margin of 32.78% and a negative return on equity of 69.79%. The firm’s quarterly revenue was up 53.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.48) earnings per share. Research analysts predict that Irhythm Technologies will post -1.65 EPS for the current year.

In other news, EVP David A. Vort sold 4,286 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $90.00, for a total transaction of $385,740.00. Following the completion of the transaction, the executive vice president now directly owns 24,125 shares in the company, valued at approximately $2,171,250. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kevin M. King sold 60,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $88.76, for a total value of $5,325,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,891 shares of company stock valued at $10,558,098. Company insiders own 5.05% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Quantamental Technologies LLC purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $55,000. Pearl River Capital LLC acquired a new position in Irhythm Technologies during the 4th quarter worth about $66,000. Bank of Montreal Can lifted its stake in Irhythm Technologies by 574.7% during the 4th quarter. Bank of Montreal Can now owns 1,120 shares of the company’s stock worth $78,000 after acquiring an additional 954 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Irhythm Technologies by 38.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,278 shares of the company’s stock worth $89,000 after acquiring an additional 358 shares in the last quarter. Finally, Rehmann Capital Advisory Group acquired a new position in Irhythm Technologies during the 3rd quarter worth about $160,000.

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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