Irhythm Technologies (IRTC) Lowered to “Sell” at BidaskClub

BidaskClub downgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

A number of other analysts have also issued reports on IRTC. Zacks Investment Research lowered shares of Irhythm Technologies from a hold rating to a sell rating in a research note on Wednesday, January 3rd. ValuEngine raised shares of Irhythm Technologies from a sell rating to a hold rating in a research note on Friday, February 2nd. JPMorgan Chase boosted their target price on shares of Irhythm Technologies from $62.00 to $67.00 and gave the company an overweight rating in a research note on Thursday, February 15th. BMO Capital Markets started coverage on shares of Irhythm Technologies in a research note on Monday, March 5th. They set an outperform rating and a $76.00 target price for the company. Finally, Canaccord Genuity reissued a buy rating and set a $80.00 target price (up from $68.00) on shares of Irhythm Technologies in a research note on Monday, March 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $69.29.

Shares of IRTC opened at $59.23 on Tuesday. Irhythm Technologies has a 12-month low of $32.10 and a 12-month high of $68.07. The company has a quick ratio of 5.64, a current ratio of 5.72 and a debt-to-equity ratio of 0.41.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, February 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.13). The company had revenue of $28.20 million for the quarter, compared to analysts’ expectations of $26.79 million. Irhythm Technologies had a negative net margin of 29.87% and a negative return on equity of 34.44%. The firm’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.37) earnings per share. equities analysts forecast that Irhythm Technologies will post -1.51 EPS for the current fiscal year.

In related news, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $64.52, for a total value of $3,871,200.00. Following the completion of the sale, the insider now directly owns 201,842 shares of the company’s stock, valued at $13,022,845.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vijay K. Lathi sold 169,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $62.41, for a total transaction of $10,547,290.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 352,452 shares of company stock valued at $22,613,610. 5.05% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Shaker Investments LLC OH purchased a new stake in Irhythm Technologies in the fourth quarter worth about $263,000. Two Sigma Advisers LP purchased a new stake in shares of Irhythm Technologies during the fourth quarter valued at about $331,000. Aperio Group LLC purchased a new stake in shares of Irhythm Technologies during the fourth quarter valued at about $529,000. Macquarie Group Ltd. purchased a new stake in shares of Irhythm Technologies during the fourth quarter valued at about $608,000. Finally, California Public Employees Retirement System purchased a new stake in shares of Irhythm Technologies during the fourth quarter valued at about $735,000. 98.01% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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