Irhythm Technologies (IRTC) Downgraded by BidaskClub
Irhythm Technologies (NASDAQ:IRTC) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
A number of other research firms also recently issued reports on IRTC. Canaccord Genuity lifted their price objective on shares of Irhythm Technologies from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, September 22nd. Morgan Stanley lifted their price objective on shares of Irhythm Technologies from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, November 3rd. Zacks Investment Research downgraded shares of Irhythm Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, September 6th. Royal Bank of Canada started coverage on shares of Irhythm Technologies in a report on Monday, December 4th. They set an “outperform” rating and a $79.00 target price on the stock. Finally, ValuEngine upgraded shares of Irhythm Technologies from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $65.25.
Shares of Irhythm Technologies (NASDAQ:IRTC) opened at $51.85 on Thursday. The company has a current ratio of 7.65, a quick ratio of 7.57 and a debt-to-equity ratio of 0.38. Irhythm Technologies has a fifty-two week low of $24.25 and a fifty-two week high of $57.90.
Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.05. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 27.67%. The company had revenue of $25.04 million for the quarter, compared to the consensus estimate of $24.30 million. During the same period last year, the company earned ($2.80) earnings per share. The firm’s revenue was up 49.2% compared to the same quarter last year. equities research analysts forecast that Irhythm Technologies will post -1.17 EPS for the current year.
In related news, insider Kevin M. King sold 60,000 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the transaction, the insider now directly owns 103,042 shares in the company, valued at $5,342,727.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Vijay K. Lathi sold 225,000 shares of the business’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $52.10, for a total transaction of $11,722,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 493,623 shares of company stock worth $25,794,521. 23.30% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Advisor Group Inc. increased its holdings in shares of Irhythm Technologies by 763.9% in the third quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock valued at $151,000 after purchasing an additional 2,582 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Irhythm Technologies by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after purchasing an additional 1,913 shares during the last quarter. First Mercantile Trust Co. acquired a new position in shares of Irhythm Technologies in the second quarter valued at $221,000. Voya Investment Management LLC acquired a new position in shares of Irhythm Technologies in the second quarter valued at $274,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Irhythm Technologies in the second quarter valued at $289,000. Hedge funds and other institutional investors own 97.80% of the company’s stock.
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About Irhythm Technologies
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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