iRhythm Technologies (NASDAQ:IRTC) Downgraded by StockNews.com

StockNews.com lowered shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note released on Friday.

Other research analysts have also issued research reports about the stock. Citigroup decreased their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a buy rating on the stock in a research report on Thursday, August 22nd. Morgan Stanley cut their target price on iRhythm Technologies from $135.00 to $130.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Needham & Company LLC decreased their price target on iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price target 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. Finally, Oppenheimer reduced their price objective on shares of iRhythm Technologies from $165.00 to $145.00 and set an outperform rating for the company in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $118.67.

iRhythm Technologies Trading Down 2.1 %

Shares of iRhythm Technologies stock opened at $70.88 on Friday. The business has a fifty day simple moving average of $85.67 and a 200-day simple moving average of $98.27. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -16.76 and a beta of 1.25. iRhythm Technologies has a fifty-two week low of $63.65 and a fifty-two week high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. iRhythm Technologies’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.61) EPS. On average, equities analysts forecast that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insider Activity

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares in the company, valued at $2,772,349.78. The disclosure for this sale can be found here. Insiders have sold 6,476 shares of company stock worth $521,081 in the last 90 days. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP acquired a new position in iRhythm Technologies in the first quarter worth approximately $58,311,000. Champlain Investment Partners LLC increased its stake in shares of iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after purchasing an additional 293,710 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of iRhythm Technologies by 176.8% during the 1st quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock valued at $48,823,000 after purchasing an additional 268,829 shares in the last quarter. Norges Bank bought a new position in shares of iRhythm Technologies during the 4th quarter valued at $26,522,000. Finally, Capital Research Global Investors lifted its stake in shares of iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after purchasing an additional 121,709 shares during 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.