iRhythm Technologies (NASDAQ:IRTC) Releases Earnings Results, Beats Expectations By $0.14 EPS

iRhythm Technologies (NASDAQ:IRTC – Get Rating) issued its earnings results on Thursday. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.14, Briefing.com reports. The business had revenue of $102.10 million for the quarter, compared to analyst estimates of $100.51 million. iRhythm Technologies had a negative net margin of 36.15% and a negative return on equity of 37.92%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.59) EPS.

iRhythm Technologies Price Performance

NASDAQ IRTC traded down $3.76 on Friday, hitting $149.66. The stock had a trading volume of 426,715 shares, compared to its average volume of 509,410. The company’s 50-day moving average is $132.99 and its two-hundred day moving average is $132.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.63 and a quick ratio of 4.43. iRhythm Technologies has a one year low of $41.66 and a one year high of $169.54.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IRTC. BTIG Research boosted their price objective on shares of iRhythm Technologies from $155.00 to $178.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial lowered their price objective on shares of iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating for the company in a research report on Thursday, June 16th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $135.00 price objective (down previously from $183.00) on shares of iRhythm Technologies in a research report on Wednesday, June 22nd. Finally, Citigroup downgraded shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $180.00 to $155.00 in a research report on Thursday, June 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $155.58.

Insider Activity

In other news, EVP Daniel G. Wilson sold 1,428 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $108.93, for a total value of $155,552.04. Following the completion of the transaction, the executive vice president now directly owns 37,562 shares in the company, valued at $4,091,628.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Daniel G. Wilson sold 1,428 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $108.93, for a total transaction of $155,552.04. Following the completion of the sale, the executive vice president now directly owns 37,562 shares of the company’s stock, valued at $4,091,628.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Douglas Devine sold 1,239 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $108.90, for a total transaction of $134,927.10. Following the sale, the chief financial officer now directly owns 39,811 shares of the company’s stock, valued at $4,335,417.90. The disclosure for this sale can be found here. Insiders sold 13,276 shares of company stock worth $1,501,009 over the last three months. Corporate insiders own 1.64% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Pearl River Capital LLC acquired a new position in iRhythm Technologies in the 1st quarter valued at $232,000. Vontobel Holding Ltd. bought a new position in shares of iRhythm Technologies during the 1st quarter worth about $248,000. US Bancorp DE lifted its holdings in shares of iRhythm Technologies by 3.7% during the 1st quarter. US Bancorp DE now owns 4,012 shares of the company’s stock worth $632,000 after acquiring an additional 144 shares during the period. Ensign Peak Advisors Inc lifted its holdings in iRhythm Technologies by 38.5% during the 1st quarter. Ensign Peak Advisors Inc now owns 7,740 shares of the company’s stock valued at $1,219,000 after purchasing an additional 2,150 shares during the last quarter. Finally, Polar Capital Holdings Plc bought a new position in iRhythm Technologies during the 1st quarter valued at about $1,526,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

About iRhythm Technologies

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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.