Irhythm Technologies (NASDAQ:IRTC) Lowered to “Hold” at BidaskClub

BidaskClub cut shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a report issued on Tuesday, BidAskClub reports.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Irhythm Technologies from a buy rating to a hold rating in a report on Wednesday, July 10th. BTIG Research upped their target price on shares of Irhythm Technologies to $90.00 and gave the company a buy rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $99.00.

IRTC traded down $4.83 on Tuesday, reaching $76.44. The company had a trading volume of 41,074 shares, compared to its average volume of 249,438. Irhythm Technologies has a 1 year low of $58.99 and a 1 year high of $98.37. The company has a market cap of $1.98 billion, a PE ratio of -40.58 and a beta of 1.72. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.27 and a quick ratio of 3.18. The stock’s 50-day simple moving average is $79.81.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.02). Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 71.31%. The company had revenue of $53.30 million during the quarter, compared to analysts’ expectations of $49.89 million. During the same period last year, the firm earned ($0.51) earnings per share. Irhythm Technologies’s revenue was up 50.1% on a year-over-year basis. On average, equities analysts expect that Irhythm Technologies will post -1.53 earnings per share for the current year.

In related news, Director Merz Cathleen Noel Bairey sold 1,209 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $76.40, for a total transaction of $92,367.60. Following the completion of the transaction, the director now directly owns 3,844 shares of the company’s stock, valued at $293,681.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin M. King sold 60,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $70.00, for a total transaction of $4,200,000.00. Following the transaction, the insider now directly owns 212,400 shares of the company’s stock, valued at $14,868,000. The disclosure for this sale can be found here. Corporate insiders own 3.85% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its holdings in Irhythm Technologies by 7.6% during the first quarter. FMR LLC now owns 1,580,865 shares of the company’s stock worth $118,502,000 after purchasing an additional 111,643 shares in the last quarter. Norges Bank acquired a new position in Irhythm Technologies during the fourth quarter worth about $46,416,000. TimesSquare Capital Management LLC grew its position in Irhythm Technologies by 48.6% during the second quarter. TimesSquare Capital Management LLC now owns 590,825 shares of the company’s stock worth $46,722,000 after buying an additional 193,300 shares during the period. Geode Capital Management LLC grew its position in Irhythm Technologies by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 254,410 shares of the company’s stock worth $17,675,000 after buying an additional 16,951 shares during the period. Finally, Victory Capital Management Inc. grew its position in Irhythm Technologies by 2.7% during the first quarter. Victory Capital Management Inc. now owns 236,640 shares of the company’s stock worth $17,739,000 after buying an additional 6,330 shares during the period.

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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