Insider Selling: iRhythm Technologies (NASDAQ:IRTC) Director Sells 5,312 Shares of Stock

iRhythm Technologies (NASDAQ:IRTC) Director Abhijit Talwalkar sold 5,312 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $145.70, for a total transaction of $773,958.40. Following the transaction, the director owned 20,299 shares of the company’s stock, valued at approximately $2,957,564.30. The trade was a 20.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

iRhythm Technologies Stock Performance

IRTC stock traded down $4.12 during mid-day trading on Tuesday, hitting $137.10. The company had a trading volume of 669,353 shares, compared to its average volume of 740,713. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The firm has a market cap of $4.43 billion, a PE ratio of -97.93 and a beta of 1.06. iRhythm Technologies has a 12 month low of $92.52 and a 12 month high of $212.00. The stock’s fifty day moving average price is $164.10 and its two-hundred day moving average price is $171.34.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly 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 net margin of 5.96% and a negative return on equity of 28.15%. The company had revenue of $208.89 million during the quarter, compared to analyst estimates of $202.61 million. During the same quarter last year, the business posted ($0.04) EPS. iRhythm Technologies’s quarterly revenue was up 27.1% compared to the same quarter last year. On average, analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IRTC. Quantbot Technologies LP bought a new position in shares of iRhythm Technologies in the second quarter worth approximately $3,578,000. Federated Hermes Inc. increased its holdings in shares of 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. raised its position in shares of iRhythm Technologies by 507.3% during the 2nd quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock valued at $1,431,000 after buying an additional 7,762 shares in the last quarter. Jump Financial LLC bought a new stake in shares of iRhythm Technologies during the 2nd quarter worth $9,668,000. Finally, Walleye Capital LLC bought a new stake in shares of iRhythm Technologies during the 2nd quarter worth $11,366,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IRTC. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial reissued a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research report on Friday. Robert W. Baird dropped their price target on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Friday. The Goldman Sachs Group lifted their price objective on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, BTIG Research boosted their target price on shares of iRhythm Technologies from $195.00 to $215.00 and gave the company a “buy” rating in a report on Friday, October 31st. 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 given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.62.

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.