Zacks Investment Research Downgrades Irhythm Tech (IRTC) to Hold

Irhythm Tech (NASDAQ:IRTC) was downgraded by Zacks Investment Research from a “buy” 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. “

Separately, Canaccord Genuity increased their target price on Irhythm Tech from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, September 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Irhythm Tech currently has an average rating of “Buy” and a consensus price target of $44.40.

Shares of Irhythm Tech (IRTC) opened at 50.07 on Wednesday. The firm has a 50 day moving average price of $50.20 and a 200-day moving average price of $50.20. Irhythm Tech has a 52 week low of $22.16 and a 52 week high of $52.43. The firm’s market capitalization is $1.14 billion.

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

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In other Irhythm Tech news, Director Raymond W. Scott sold 12,749 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $45.30, for a total transaction of $577,529.70. Following the completion of the sale, the director now directly owns 12,749 shares in the company, valued at $577,529.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vijay K. Lathi sold 34,613 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the sale, the director now owns 1,405 shares of the company’s stock, valued at $69,561.55. The disclosure for this sale can be found here. Insiders have sold 118,014 shares of company stock worth $5,453,106 over the last quarter. 23.30% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the business. Legal & General Group Plc increased its stake in Irhythm Tech by 131.0% during the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after acquiring an additional 1,913 shares during the last quarter. Nationwide Fund Advisors increased its stake in Irhythm Tech by 30.2% during the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after acquiring 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. Institutional investors own 93.25% of the company’s stock.

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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