iRhythm Technologies (NASDAQ:IRTC) Stock Rating Lowered by StockNews.com

iRhythm Technologies (NASDAQ:IRTC) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

A number of other research firms have also issued reports on IRTC. JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective on the stock in a report on Thursday, June 20th. Citigroup lowered their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Canaccord Genuity Group boosted their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley lowered their price objective on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.33.

iRhythm Technologies Trading Up 1.7 %

NASDAQ IRTC opened at $72.87 on Friday. The company’s 50 day moving average price is $74.22 and its 200 day moving average price is $92.61. iRhythm Technologies has a one year low of $60.88 and a one year high of $124.11. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.23 and a beta of 1.22.

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

Insider Buying and Selling

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at $1,718,265.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the sale, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold 6,476 shares of company stock worth $521,081 over the last ninety days. 0.68% of the stock is owned by insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in iRhythm Technologies by 1.6% during the 4th quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after purchasing an additional 113 shares during the period. SeaCrest Wealth Management LLC grew its holdings in iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after purchasing an additional 150 shares during the last quarter. Ascent Group LLC lifted its position in iRhythm Technologies by 4.6% during the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after acquiring an additional 175 shares during the last quarter. Swiss National Bank boosted its stake in iRhythm Technologies by 0.3% during the 1st quarter. Swiss National Bank now owns 60,500 shares of the company’s stock valued at $7,018,000 after purchasing an additional 200 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the last quarter.

iRhythm Technologies Company Profile

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.