Chad Patterson Sells 8,967 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) insider Chad Patterson sold 8,967 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the transaction, the insider owned 51,738 shares of the company’s stock, valued at $7,006,359.96. This represents a 14.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Chad Patterson also recently made the following trade(s):

• On Tuesday, December 2nd, Chad Patterson sold 280 shares of iRhythm Technologies stock. The shares were sold at an average price of $184.83, for a total transaction of $51,752.40.

iRhythm Technologies Stock Down 4.6%

IRTC opened at $133.75 on Friday. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00. The company has a market cap of $4.32 billion, a PE ratio of -95.54 and a beta of 1.06. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The company has a 50 day moving average of $161.48 and a 200 day moving average of $170.54.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The firm had revenue of $208.89 million for the quarter, compared to the consensus estimate of $202.61 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. The business’s quarterly revenue was up 27.1% on a year-over-year basis. On average, sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IRTC. Freedom Capital upgraded iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Canaccord Genuity Group reduced their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $211.62.

Institutional Trading of iRhythm Technologies

Several institutional investors and hedge funds have recently made changes to their positions in IRTC. Quantbot Technologies LP bought a new position in shares of iRhythm Technologies during the 2nd quarter valued at about $3,578,000. Federated Hermes Inc. lifted its position in iRhythm Technologies by 45.4% in the 3rd quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock worth $12,108,000 after buying an additional 21,977 shares during the last quarter. Osaic Holdings Inc. boosted its stake in iRhythm Technologies by 507.3% in the second quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after buying an additional 7,762 shares in the last quarter. Jump Financial LLC bought a new position in iRhythm Technologies during the second quarter valued at approximately $9,668,000. Finally, Walleye Capital LLC purchased a new position in shares of iRhythm Technologies during the second quarter worth approximately $11,366,000.

More iRhythm Technologies News

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Quarterly beat — iRhythm reported $0.29 EPS vs. $0.02 expected and revenue of $208.9M (+27% YoY), showing accelerating top-line growth that supports the growth story. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional ownership rising — several large funds have added or increased stakes recently, providing a demand cushion for the shares and signaling confidence from professional investors. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst actions mixed — some firms trimmed price targets but many maintain Buy/Overweight ratings; consensus remains a moderate buy with a multi-month average target above the current price. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy executive selling — CEO Quentin Blackford sold 25,540 shares and multiple senior officers (CFO, CAO, several EVPs) sold sizeable blocks at ~ $135.42 on Feb. 25; coordinated senior sales often spur near-term selling pressure and investor concern. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short positions have increased, raising potential for additional downside volatility if momentum stays negative or forced covering if sentiment flips.

iRhythm Technologies Company Profile

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.