StockNews.com Upgrades iRhythm Technologies (NASDAQ:IRTC) to Hold

StockNews.com upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a sell rating to a hold rating in a report published on Wednesday morning.

IRTC has been the topic of several other reports. JPMorgan Chase & Co. cut their target price on iRhythm Technologies from $133.00 to $100.00 and set an overweight rating on the stock in a research note on Friday, August 2nd. Robert W. Baird cut their price objective on iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Wolfe Research raised iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 target price on the stock in a research note on Thursday, June 20th. Needham & Company LLC dropped their price target on iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research note on Friday, August 2nd. Finally, Truist Financial reissued a buy rating and set a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, iRhythm Technologies presently has an average rating of Moderate Buy and an average price target of $118.67.

iRhythm Technologies Trading Up 0.2 %

NASDAQ IRTC opened at $70.99 on Wednesday. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. The stock’s 50-day simple moving average is $93.50 and its two-hundred day simple moving average is $103.56. iRhythm Technologies has a twelve month low of $65.54 and a twelve month high of $124.11. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -16.78 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The firm had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same period in the previous year, the business posted ($0.61) EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis. Research analysts forecast that iRhythm Technologies will post -3.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,745 shares of company stock valued at $570,476. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its holdings in shares of iRhythm Technologies by 12.2% in the second quarter. Envestnet Asset Management Inc. now owns 52,609 shares of the company’s stock valued at $5,663,000 after purchasing an additional 5,728 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of iRhythm Technologies by 6.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after buying an additional 482 shares in the last quarter. Arizona State Retirement System grew its stake in shares of iRhythm Technologies by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after buying an additional 287 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of iRhythm Technologies by 1.1% in the 2nd quarter. Fiera Capital Corp now owns 393,197 shares of the company’s stock worth $42,324,000 after buying an additional 4,284 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of iRhythm Technologies by 5.1% during the 2nd quarter. Rhumbline Advisers now owns 45,681 shares of the company’s stock valued at $4,917,000 after buying an additional 2,209 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.