iRhythm Technologies (NASDAQ:IRTC) Cut to Hold at Wall Street Zen

iRhythm Technologies (NASDAQ:IRTC) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

IRTC has been the topic of a number of other research reports. Bank of America lowered their target price on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Needham & Company LLC increased their target price on iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 1st. The Goldman Sachs Group lowered their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Robert W. Baird lowered their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. Finally, Wells Fargo & Company lowered their target price on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $191.85.

iRhythm Technologies Price Performance

IRTC stock opened at $113.90 on Friday. The firm has a 50 day moving average of $118.83 and a 200-day moving average of $145.84. iRhythm Technologies has a 12-month low of $108.81 and a 12-month high of $212.00. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The company has a market cap of $3.74 billion, a price-to-earnings ratio of -132.44 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The business had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same period last year, the company posted ($0.97) EPS. The company’s revenue was up 25.6% on a year-over-year basis. As a group, equities analysts expect that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 2,830 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $363,485.20. Following the completion of the transaction, the executive vice president directly owned 41,870 shares of the company’s stock, valued at $5,377,782.80. This represents a 6.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chad Patterson sold 4,444 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $570,787.36. Following the completion of the transaction, the insider directly owned 58,164 shares of the company’s stock, valued at approximately $7,470,584.16. The trade was a 7.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,826 shares of company stock worth $2,289,620 over the last quarter. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Royal Bank of Canada boosted its position in iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of iRhythm Technologies by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after purchasing an additional 108,941 shares in the last quarter. Strs Ohio acquired a new stake in shares of iRhythm Technologies in the 1st quarter valued at about $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of iRhythm Technologies in the 2nd quarter valued at about $1,278,000. Finally, First Trust Advisors LP raised its stake in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after purchasing an additional 22,337 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.