Irhythm Technologies (NASDAQ:IRTC) Downgraded by Zacks Investment Research

Irhythm Technologies (NASDAQ:IRTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, January 3rd.

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 topic of several other research reports. BidaskClub downgraded Irhythm Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 14th. Dougherty & Co started coverage on Irhythm Technologies in a research note on Friday, December 1st. They issued a “neutral” rating on the stock. Canaccord Genuity upped their price objective on Irhythm Technologies from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. ValuEngine raised Irhythm Technologies from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. Finally, Royal Bank of Canada started coverage on Irhythm Technologies in a research report on Monday, December 4th. They issued an “outperform” rating and a $79.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Irhythm Technologies has a consensus rating of “Hold” and a consensus price target of $65.25.

Irhythm Technologies (NASDAQ IRTC) traded up $1.98 during trading on Wednesday, hitting $62.62. The company had a trading volume of 212,223 shares, compared to its average volume of 202,014. The company has a debt-to-equity ratio of 0.38, a current ratio of 7.65 and a quick ratio of 7.57. The stock has a market cap of $1,390.00 and a P/E ratio of -52.62. Irhythm Technologies has a 52 week low of $28.70 and a 52 week high of $62.95.

Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.05. The company had revenue of $25.04 million for the quarter, compared to the consensus estimate of $24.30 million. Irhythm Technologies had a negative return on equity of 27.67% and a negative net margin of 27.56%. The firm’s quarterly revenue was up 49.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.80) EPS. research analysts predict that Irhythm Technologies will post -1.17 earnings per share for the current fiscal year.

In other news, insider Kevin M. King sold 60,000 shares of the stock in a transaction on Monday, November 6th. The stock was sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the transaction, the insider now directly owns 103,042 shares of the company’s stock, valued at approximately $5,342,727.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Vijay K. Lathi sold 225,000 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $52.10, for a total value of $11,722,500.00. The disclosure for this sale can be found here. Insiders sold a total of 536,533 shares of company stock worth $28,333,506 over the last ninety days. 23.30% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Russell Investments Group Ltd. bought a new position in shares of Irhythm Technologies during the 2nd quarter valued at $876,000. Schwab Charles Investment Management Inc. increased its stake in shares of Irhythm Technologies by 39.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 40,271 shares of the company’s stock worth $1,712,000 after purchasing an additional 11,290 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Irhythm Technologies by 159.6% in the 2nd quarter. Rhumbline Advisers now owns 15,749 shares of the company’s stock worth $669,000 after purchasing an additional 9,683 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Irhythm Technologies by 2,702.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock worth $25,794,000 after purchasing an additional 585,390 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Irhythm Technologies by 131.0% in the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after purchasing an additional 1,913 shares in the last quarter. 97.80% of the stock is currently owned by hedge funds and other institutional investors.

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About Irhythm Technologies

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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