Irhythm Technologies (NASDAQ:IRTC) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research report sent to investors on Friday morning, 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 a number of other reports. JPMorgan Chase & Co. increased their target price on Irhythm Technologies from $110.00 to $125.00 and gave the company an overweight rating in a research report on Thursday. BTIG Research set a $90.00 target price on Irhythm Technologies and gave the company a buy rating in a research report on Wednesday. Finally, BidaskClub downgraded Irhythm Technologies from a buy rating to a hold rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Irhythm Technologies has an average rating of Buy and an average price target of $99.00.

Shares of NASDAQ IRTC traded down $5.04 during midday trading on Friday, reaching $76.23. 683,815 shares of the stock traded hands, compared to its average volume of 274,813. The company has a quick ratio of 3.18, a current ratio of 3.27 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $2.05 billion, a PE ratio of -40.33 and a beta of 1.72. Irhythm Technologies has a one year low of $58.99 and a one year high of $98.37. The stock has a 50 day moving average of $79.78.

Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, July 31st. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.02). The firm had revenue of $53.30 million for the quarter, compared to the consensus estimate of $49.89 million. Irhythm Technologies had a negative net margin of 24.45% and a negative return on equity of 73.94%. The firm’s revenue was up 50.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.51) earnings per share. On average, equities research analysts forecast that Irhythm Technologies will post -1.53 earnings per share for the current fiscal year.

In related news, insider Kevin M. King sold 60,000 shares of the stock in a transaction on 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 sale, the insider now owns 212,400 shares in the company, valued at approximately $14,868,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Merz Cathleen Noel Bairey sold 1,209 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $76.40, for a total value of $92,367.60. Following the sale, the director now owns 3,844 shares in the company, valued at approximately $293,681.60. The disclosure for this sale can be found here. Corporate insiders own 3.85% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Irhythm Technologies by 7.6% during the 1st quarter. FMR LLC now owns 1,580,865 shares of the company’s stock valued at $118,502,000 after buying an additional 111,643 shares during the period. Norges Bank purchased a new stake in Irhythm Technologies in the fourth quarter worth $46,416,000. TimesSquare Capital Management LLC increased its stake in Irhythm Technologies by 48.6% in the second quarter. TimesSquare Capital Management LLC now owns 590,825 shares of the company’s stock worth $46,722,000 after purchasing an additional 193,300 shares during the period. Geode Capital Management LLC increased its stake in Irhythm Technologies by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 254,410 shares of the company’s stock worth $17,675,000 after purchasing an additional 16,951 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Irhythm Technologies by 2.7% in the first quarter. Victory Capital Management Inc. now owns 236,640 shares of the company’s stock worth $17,739,000 after purchasing 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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