Irhythm Tech (NASDAQ:IRTC) posted its quarterly earnings results on Wednesday. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.05, Briefing.com reports. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. The company had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same period last year, the firm earned ($2.80) EPS. The company’s revenue for the quarter was up 49.2% on a year-over-year basis.
A number of equities research analysts have recently issued reports on IRTC shares. Zacks Investment Research downgraded shares of Irhythm Tech from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Canaccord Genuity lifted their price objective on Irhythm Tech from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, September 22nd. Finally, ValuEngine upgraded Irhythm Tech from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Irhythm Tech has a consensus rating of “Buy” and a consensus target price of $44.40.
In related news, Director Raymond W. Scott sold 52,903 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.59, for a total transaction of $2,306,041.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total transaction of $1,713,689.63. Following the sale, the director now directly owns 1,405 shares of the company’s stock, valued at $69,561.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,014 shares of company stock valued at $5,453,106. Company insiders own 23.30% of the company’s stock.
About Irhythm Tech
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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