Irhythm Technologies (IRTC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research report report published 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. “

Several other analysts have also recently weighed in on IRTC. Canaccord Genuity raised their target price 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. ValuEngine raised shares of Irhythm Technologies from a sell rating to a hold rating in a report on Saturday, October 21st. Morgan Stanley raised their price objective on shares of Irhythm Technologies from $50.00 to $65.00 and gave the stock an overweight rating in a report on Friday, November 3rd. Dougherty & Co began coverage on shares of Irhythm Technologies in a report on Friday, December 1st. They set a neutral rating on the stock. Finally, Royal Bank of Canada began coverage on shares of Irhythm Technologies in a report on Monday, December 4th. They set an outperform rating and a $79.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $65.25.

Shares of Irhythm Technologies (IRTC) opened at $59.81 on Wednesday. Irhythm Technologies has a 1-year low of $28.70 and a 1-year high of $60.11. The company has a debt-to-equity ratio of 0.38, a current ratio of 7.65 and a quick ratio of 7.57.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.34) by $0.05. The firm had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.30 million. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 27.67%. The firm’s revenue was up 49.2% compared to the same quarter last year. During the same quarter last year, the company earned ($2.80) earnings per share. sell-side analysts forecast that Irhythm Technologies will post -1.17 EPS for the current year.

In other Irhythm Technologies news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 103,042 shares of the company’s stock, valued at $5,342,727.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vijay K. Lathi sold 225,000 shares of the firm’s stock in a transaction that occurred 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. In the last three months, insiders have sold 493,623 shares of company stock worth $25,794,521. 23.30% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its holdings in Irhythm Technologies 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 purchasing an additional 1,913 shares in the last quarter. Advisor Group Inc. grew its position in shares of Irhythm Technologies by 763.9% during the third quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock worth $151,000 after acquiring an additional 2,582 shares during the last quarter. Voya Investment Management LLC purchased a new position in shares of Irhythm Technologies during the second quarter worth approximately $274,000. GSA Capital Partners LLP purchased a new position in shares of Irhythm Technologies during the second quarter worth approximately $289,000. Finally, Nationwide Fund Advisors grew its position in shares of Irhythm Technologies by 92.8% during the second quarter. Nationwide Fund Advisors now owns 7,843 shares of the company’s stock worth $333,000 after acquiring an additional 3,774 shares during the last quarter. 97.80% of the stock is currently owned by institutional investors.

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Irhythm Technologies 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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