Irhythm Technologies (IRTC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. They currently have $78.00 target price on the stock.

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 research analysts also recently commented on IRTC. BidaskClub downgraded Irhythm Technologies from a hold rating to a sell rating in a report on Tuesday. BTIG Research lifted their price objective on Irhythm Technologies to $90.00 and gave the stock a buy rating in a report on Wednesday, May 8th. Chardan Capital downgraded Irhythm Technologies from a buy rating to a neutral rating and decreased their price objective for the stock from $111.00 to $104.00 in a report on Wednesday, February 20th. JPMorgan Chase & Co. lifted their price objective on Irhythm Technologies to $110.00 in a report on Wednesday, February 13th. Finally, Northland Securities reiterated a hold rating and issued a $75.00 price objective on shares of Irhythm Technologies in a report on Wednesday, February 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $97.33.

Shares of IRTC traded down $0.56 during trading hours on Tuesday, hitting $70.11. The company had a trading volume of 174,253 shares, compared to its average volume of 414,468. The company has a market cap of $1.74 billion, a P/E ratio of -37.10 and a beta of 1.66. The company has a current ratio of 3.27, a quick ratio of 3.45 and a debt-to-equity ratio of 0.78. Irhythm Technologies has a 52-week low of $58.99 and a 52-week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.33) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.50) by $0.17. The firm had revenue of $47.21 million for the quarter, compared to the consensus estimate of $43.83 million. Irhythm Technologies had a negative return on equity of 71.31% and a negative net margin of 27.56%. The company’s quarterly revenue was up 54.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.47) earnings per share. Equities research analysts forecast that Irhythm Technologies will post -1.53 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 Friday, March 15th. The stock was sold at an average price of $88.76, for a total transaction of $5,325,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bruce G. Bodaken sold 2,158 shares of Irhythm Technologies stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $95.90, for a total value of $206,952.20. Following the sale, the director now directly owns 5,300 shares in the company, valued at $508,270. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,576 shares of company stock worth $7,349,536. Insiders own 3.85% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley boosted its position in shares of Irhythm Technologies by 28.9% in the 3rd quarter. Morgan Stanley now owns 293,511 shares of the company’s stock worth $27,783,000 after purchasing an additional 65,801 shares in the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in shares of Irhythm Technologies in the 4th quarter worth approximately $4,112,000. Lord Abbett & CO. LLC boosted its position in shares of Irhythm Technologies by 2.6% in the 4th quarter. Lord Abbett & CO. LLC now owns 738,676 shares of the company’s stock worth $51,323,000 after purchasing an additional 18,488 shares in the last quarter. Partner Fund Management L.P. boosted its position in shares of Irhythm Technologies by 76.2% in the 4th quarter. Partner Fund Management L.P. now owns 415,819 shares of the company’s stock worth $28,891,000 after purchasing an additional 179,878 shares in the last quarter. Finally, Bellevue Group AG boosted its position in shares of Irhythm Technologies by 20.3% in the 4th quarter. Bellevue Group AG now owns 83,792 shares of the company’s stock worth $5,822,000 after purchasing an additional 14,131 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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