Irhythm Technologies (IRTC) Shares Down 6.6%

Irhythm Technologies Inc (NASDAQ:IRTC) traded down 6.6% during mid-day trading on Wednesday . The company traded as low as $85.75 and last traded at $89.59. 873,295 shares traded hands during trading, an increase of 229% from the average session volume of 265,437 shares. The stock had previously closed at $95.95.

A number of equities research analysts have issued reports on the stock. Canaccord Genuity reiterated a “buy” rating and set a $93.00 target price on shares of Irhythm Technologies in a report on Thursday, August 2nd. BidaskClub upgraded shares of Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Friday, July 6th. Dougherty & Co lowered shares of Irhythm Technologies from a “neutral” rating to a “sell” rating in a report on Monday, July 16th. Morgan Stanley increased their target price on shares of Irhythm Technologies from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, August 2nd. Finally, BMO Capital Markets increased their target price on shares of Irhythm Technologies from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $88.38.

The firm has a market capitalization of $2.25 billion, a PE ratio of -72.14 and a beta of 1.27. The company has a current ratio of 5.58, a quick ratio of 5.47 and a debt-to-equity ratio of 0.48.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, August 1st. The company reported ($0.51) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.12). Irhythm Technologies had a negative net margin of 34.38% and a negative return on equity of 53.59%. The firm had revenue of $35.50 million during the quarter, compared to analysts’ expectations of $32.52 million. During the same period in the prior year, the company posted ($0.29) earnings per share. The company’s revenue for the quarter was up 48.8% on a year-over-year basis. research analysts expect that Irhythm Technologies Inc will post -1.91 EPS for the current year.

In other Irhythm Technologies news, insider Derrick Sung sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $82.01, for a total value of $820,100.00. Following the sale, the insider now directly owns 26,658 shares of the company’s stock, valued at approximately $2,186,222.58. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kevin M. King sold 60,000 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $82.90, for a total transaction of $4,974,000.00. Following the completion of the sale, the insider now directly owns 282,367 shares in the company, valued at $23,408,224.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,537 shares of company stock worth $7,013,900. Insiders own 5.05% of the company’s stock.

Several large investors have recently made changes to their positions in IRTC. Frontier Capital Management Co. LLC purchased a new position in shares of Irhythm Technologies in the 2nd quarter valued at $1,036,000. Osterweis Capital Management Inc. grew its position in shares of Irhythm Technologies by 49.9% in the 2nd quarter. Osterweis Capital Management Inc. now owns 60,545 shares of the company’s stock valued at $4,912,000 after buying an additional 20,145 shares during the last quarter. Neuberger Berman Group LLC purchased a new position in shares of Irhythm Technologies in the 1st quarter valued at $1,102,000. Royal Bank of Canada grew its position in shares of Irhythm Technologies by 70.5% in the 1st quarter. Royal Bank of Canada now owns 187,888 shares of the company’s stock valued at $11,827,000 after buying an additional 77,673 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Irhythm Technologies by 8.9% in the 2nd quarter. First Trust Advisors LP now owns 49,435 shares of the company’s stock valued at $4,011,000 after buying an additional 4,057 shares during the last quarter.

About Irhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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