Zacks Investment Research lowered shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a report issued on Saturday morning.
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. “
Other equities research analysts have also recently issued reports about the stock. Dougherty & Co cut shares of Irhythm Technologies from a neutral rating to a sell rating in a report on Monday, July 16th. BidaskClub cut shares of Irhythm Technologies from a strong-buy rating to a buy rating in a report on Tuesday, October 9th. BMO Capital Markets upped their target price on shares of Irhythm Technologies from $93.00 to $96.00 and gave the company an outperform rating in a report on Thursday, August 2nd. Chardan Capital assumed coverage on shares of Irhythm Technologies in a report on Thursday, September 6th. They issued a buy rating and a $117.00 target price on the stock. Finally, BTIG Research reaffirmed a hold rating on shares of Irhythm Technologies in a report on Thursday, August 2nd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Irhythm Technologies presently has an average rating of Buy and an average price target of $93.13.
Shares of NASDAQ:IRTC opened at $77.81 on Friday. The company has a current ratio of 4.79, a quick ratio of 4.69 and a debt-to-equity ratio of 0.51. Irhythm Technologies has a one year low of $46.95 and a one year high of $98.37. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -59.85 and a beta of 2.03.
Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Tuesday, October 30th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.02. Irhythm Technologies had a negative net margin of 33.79% and a negative return on equity of 62.85%. The firm had revenue of $38.10 million for the quarter, compared to analysts’ expectations of $35.87 million. During the same period in the previous year, the firm posted ($0.29) EPS. The company’s revenue for the quarter was up 52.2% on a year-over-year basis. As a group, equities analysts forecast that Irhythm Technologies will post -1.86 EPS for the current fiscal year.
In other news, EVP Derrick Sung sold 10,000 shares of the company’s stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $83.10, for a total value of $831,000.00. Following the sale, the executive vice president now directly owns 29,458 shares of the company’s stock, valued at approximately $2,447,959.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.05% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in IRTC. Cubist Systematic Strategies LLC bought a new position in Irhythm Technologies in the 2nd quarter valued at about $101,000. Mitsubishi UFJ Securities Holdings Co. Ltd. bought a new position in Irhythm Technologies in the 2nd quarter valued at about $140,000. Great West Life Assurance Co. Can raised its holdings in Irhythm Technologies by 119.9% in the 2nd quarter. Great West Life Assurance Co. Can now owns 1,979 shares of the company’s stock valued at $161,000 after acquiring an additional 1,079 shares during the period. United Services Automobile Association bought a new position in Irhythm Technologies in the 2nd quarter valued at about $242,000. Finally, RB Capital Management LLC bought a new position in Irhythm Technologies in the 2nd quarter valued at about $243,000.
Irhythm Technologies Company Profile
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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