iRhythm Technologies (NASDAQ:IRTC) Posts Earnings Results, Beats Expectations By $0.30 EPS

iRhythm Technologies (NASDAQ:IRTC) announced its quarterly earnings results on Thursday. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30, Zacks reports. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%.

iRhythm Technologies Price Performance

IRTC stock traded down $0.70 during trading on Thursday, reaching $112.34. The company’s stock had a trading volume of 419,835 shares, compared to its average volume of 407,253. The company’s fifty day moving average is $100.63 and its 200-day moving average is $83.07. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11. The company has a market capitalization of $3.52 billion, a P/E ratio of -23.12 and a beta of 1.29. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

Analyst Ratings Changes

A number of brokerages have weighed in on IRTC. Canaccord Genuity Group boosted their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Truist Financial increased their target price on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Needham & Company LLC boosted their price target on iRhythm Technologies from $96.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Oppenheimer upped their price target on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th. Finally, Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $108.45.

Insider Transactions at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

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.