Irhythm Technologies (IRTC) Downgraded by BidaskClub

BidaskClub cut shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note released on Friday, March 29th, BidAskClub reports.

Other analysts also recently issued reports about the company. Canaccord Genuity raised their price target on Irhythm Technologies from $84.00 to $90.00 and gave the stock a buy rating in a research report on Friday, January 11th. BMO Capital Markets raised their price target on Irhythm Technologies from $96.00 to $105.00 and gave the company an outperform rating in a research note on Wednesday, February 13th. BTIG Research restated a hold rating on shares of Irhythm Technologies in a research note on Wednesday, February 13th. Royal Bank of Canada raised their price target on Irhythm Technologies to $109.00 and gave the company an outperform rating in a research note on Wednesday, February 13th. Finally, Morgan Stanley raised their price objective on Irhythm Technologies from $85.00 to $101.00 and gave the company an overweight rating in a research report on Wednesday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Irhythm Technologies presently has a consensus rating of Buy and an average price target of $96.22.

Shares of NASDAQ:IRTC traded up $0.51 during midday trading on Friday, hitting $68.92. The stock had a trading volume of 517,907 shares, compared to its average volume of 741,658. 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 fifty-two week low of $55.18 and a fifty-two week high of $98.37. The stock has a market capitalization of $1.69 billion, a PE ratio of -36.47 and a beta of 1.72.

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

In other news, EVP Derrick Sung sold 9,068 shares of the firm’s stock in a transaction that occurred on Monday, January 28th. The stock was sold at an average price of $84.04, for a total value of $762,074.72. Following the completion of the sale, the executive vice president now directly owns 31,258 shares of the company’s stock, valued at approximately $2,626,922.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matthew C. Garrett sold 20,203 shares of the firm’s stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $90.10, for a total value of $1,820,290.30. Following the completion of the sale, the chief financial officer now directly owns 40,407 shares of the company’s stock, valued at $3,640,670.70. The disclosure for this sale can be found here. Insiders sold a total of 117,891 shares of company stock valued at $10,558,098 over the last three months. Insiders own 5.05% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Morgan Stanley increased its position in Irhythm Technologies by 28.9% during the third quarter. Morgan Stanley now owns 293,511 shares of the company’s stock worth $27,783,000 after buying an additional 65,801 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in Irhythm Technologies during the fourth quarter worth $4,112,000. Prudential Financial Inc. purchased a new position in Irhythm Technologies during the third quarter worth $226,000. Vanguard Group Inc increased its position in Irhythm Technologies by 54.0% during the third quarter. Vanguard Group Inc now owns 1,350,269 shares of the company’s stock worth $127,816,000 after buying an additional 473,235 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Irhythm Technologies by 2.6% during the fourth quarter. Lord Abbett & CO. LLC now owns 738,676 shares of the company’s stock worth $51,323,000 after buying an additional 18,488 shares in the last quarter.

About Irhythm Technologies

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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Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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