Zacks Investment Research upgraded shares of IRHYTHM TECH (NASDAQ:IRTC) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

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. “

IRTC has been the topic of a number of other reports. Canaccord Genuity restated a buy rating and set a $42.00 target price on shares of IRHYTHM TECH in a research report on Tuesday, June 6th. Morgan Stanley upped their target price on shares of IRHYTHM TECH from $43.00 to $47.00 and gave the company an overweight rating in a research report on Tuesday, June 6th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $37.75.

IRHYTHM TECH (IRTC) opened at 46.01 on Wednesday. The firm’s 50-day moving average is $43.06 and its 200 day moving average is $38.31. The firm’s market capitalization is $1.05 billion. IRHYTHM TECH has a 12 month low of $22.16 and a 12 month high of $46.28.

IRHYTHM TECH (NASDAQ:IRTC) last released its earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.02. IRHYTHM TECH had a negative net margin of 27.34% and a negative return on equity of 57.23%. The company had revenue of $23.85 million for the quarter, compared to the consensus estimate of $22.10 million. IRHYTHM TECH’s revenue was up 51.6% on a year-over-year basis. Equities analysts predict that IRHYTHM TECH will post ($1.13) earnings per share for the current year.

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In related news, Director Vijay K. Lathi sold 430,624 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $37.59, for a total transaction of $16,187,156.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kevin M. King sold 110,000 shares of the stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $42.08, for a total value of $4,628,800.00. The disclosure for this sale can be found here. Insiders sold a total of 981,362 shares of company stock worth $37,855,145 over the last quarter. 23.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in IRHYTHM TECH by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares during the last quarter. Nationwide Fund Advisors boosted its stake in IRHYTHM TECH by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after buying an additional 945 shares during the last quarter. American International Group Inc. acquired a new stake in IRHYTHM TECH during the first quarter worth about $161,000. First Mercantile Trust Co. acquired a new stake in IRHYTHM TECH during the second quarter worth about $221,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in IRHYTHM TECH during the second quarter worth about $262,000. 93.25% of the stock is owned by institutional investors and hedge funds.

IRHYTHM TECH Company Profile

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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