Zacks: Analysts Anticipate Irhythm Technologies Inc (IRTC) Will Post Earnings of -$0.50 Per Share

Wall Street analysts expect Irhythm Technologies Inc (NASDAQ:IRTC) to report earnings per share (EPS) of ($0.50) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Irhythm Technologies’ earnings, with estimates ranging from ($0.53) to ($0.44). Irhythm Technologies posted earnings per share of ($0.47) in the same quarter last year, which would indicate a negative year over year growth rate of 6.4%. The company is scheduled to report its next earnings results on Wednesday, May 1st.

On average, analysts expect that Irhythm Technologies will report full-year earnings of ($1.65) per share for the current year, with EPS estimates ranging from ($1.69) to ($1.62). For the next financial year, analysts forecast that the firm will report earnings of ($0.91) per share, with EPS estimates ranging from ($1.40) to ($0.48). Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Irhythm Technologies.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.03). Irhythm Technologies had a negative net margin of 32.78% and a negative return on equity of 69.79%. The company had revenue of $43.16 million during the quarter, compared to the consensus estimate of $40.21 million. During the same quarter last year, the company earned ($0.48) earnings per share. The business’s revenue was up 53.2% on a year-over-year basis.

Several analysts have recently commented on the company. Zacks Investment Research cut Irhythm Technologies from a “buy” rating to a “hold” rating in a report on Thursday. BTIG Research upgraded Irhythm Technologies from a “neutral” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Wednesday, April 3rd. BidaskClub cut Irhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, March 29th. Chardan Capital lowered Irhythm Technologies from a “buy” rating to a “neutral” rating and cut their price target for the company from $111.00 to $104.00 in a research note on Wednesday, February 20th. Finally, Royal Bank of Canada upped their price target on Irhythm Technologies to $109.00 and gave the company an “outperform” rating in a research note on Wednesday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Irhythm Technologies presently has a consensus rating of “Buy” and an average target price of $96.22.

NASDAQ:IRTC traded down $1.08 during trading hours on Wednesday, reaching $67.84. The company had a trading volume of 2,420 shares, compared to its average volume of 741,658. Irhythm Technologies has a one year low of $55.18 and a one year high of $98.37. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -36.44 and a beta of 1.72. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.52 and a quick ratio of 3.45.

In other Irhythm Technologies news, CFO Matthew C. Garrett sold 20,203 shares of the stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $90.10, for a total value of $1,820,290.30. Following the transaction, the chief financial officer now owns 40,407 shares of the company’s stock, valued at $3,640,670.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce G. Bodaken sold 2,158 shares of the stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $95.90, for a total value of $206,952.20. Following the completion of the transaction, the director now directly owns 5,300 shares in the company, valued at approximately $508,270. The disclosure for this sale can be found here. Insiders sold 117,891 shares of company stock worth $10,558,098 in the last three months. Insiders own 5.05% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Irhythm Technologies during the fourth quarter worth about $46,416,000. Polar Capital LLP grew its holdings in shares of Irhythm Technologies by 2,288.5% during the fourth quarter. Polar Capital LLP now owns 525,468 shares of the company’s stock worth $36,510,000 after buying an additional 503,468 shares in the last quarter. Vanguard Group Inc grew its holdings in shares of Irhythm Technologies by 54.0% during the third quarter. Vanguard Group Inc now owns 1,350,269 shares of the company’s stock worth $127,816,000 after buying an additional 473,235 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Irhythm Technologies by 54.0% during the third quarter. Vanguard Group Inc. now owns 1,350,269 shares of the company’s stock worth $127,816,000 after buying an additional 473,235 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Irhythm Technologies by 30.6% during the fourth quarter. Millennium Management LLC now owns 977,269 shares of the company’s stock worth $67,901,000 after buying an additional 229,090 shares in the last quarter.

Irhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

Further Reading: Dollar Cost Averaging

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