Insider Selling: iRhythm Technologies, Inc. (NASDAQ:IRTC) Insider Sells 2,492 Shares of Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

iRhythm Technologies Trading Down 6.2 %

iRhythm Technologies stock opened at $81.41 on Friday. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -16.75 and a beta of 1.26. iRhythm Technologies, Inc. has a 1 year low of $55.92 and a 1 year high of $124.11. The firm’s 50 day moving average price is $75.32 and its two-hundred day moving average price is $81.35.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.89) EPS. On average, research analysts predict that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Eventide Asset Management LLC boosted its stake in iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after purchasing an additional 464,629 shares during the period. Braidwell LP boosted its stake in iRhythm Technologies by 48.7% in the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after purchasing an additional 256,200 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in iRhythm Technologies by 38.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after purchasing an additional 195,246 shares during the period. Mackenzie Financial Corp boosted its stake in iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after purchasing an additional 80,091 shares during the period. Finally, Fred Alger Management LLC boosted its stake in iRhythm Technologies by 24.4% in the 3rd quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after purchasing an additional 61,696 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on IRTC shares. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Citigroup lowered their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Canaccord Genuity Group boosted their price objective on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $106.45.

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.