Irhythm Technologies (NASDAQ:IRTC) Downgraded by BidaskClub to Sell

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

A number of other research analysts also recently commented on the stock. Canaccord Genuity increased their target price on shares of Irhythm Technologies from $107.00 to $130.00 and gave the company a buy rating in a research report on Friday, May 8th. BTIG Research reiterated a buy rating and set a $130.00 price target on shares of Irhythm Technologies in a research note on Friday, May 8th. Oppenheimer reiterated a hold rating on shares of Irhythm Technologies in a research note on Friday, May 8th. SunTrust Banks increased their price target on shares of Irhythm Technologies from $102.00 to $130.00 and gave the stock a buy rating in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Irhythm Technologies from $125.00 to $140.00 and gave the stock an overweight rating in a research note on Friday, May 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $132.43.

NASDAQ IRTC opened at $114.97 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 3.60 and a quick ratio of 3.51. The firm’s fifty day moving average price is $122.27 and its 200 day moving average price is $93.15. The company has a market capitalization of $2.96 billion, a price-to-earnings ratio of -52.50 and a beta of 1.42. Irhythm Technologies has a 12 month low of $56.24 and a 12 month high of $136.55.

Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, May 7th. The company reported ($0.34) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.57) by $0.23. The firm had revenue of $63.50 million for the quarter, compared to the consensus estimate of $61.40 million. Irhythm Technologies had a negative net margin of 24.34% and a negative return on equity of 49.99%. The company’s revenue was up 35.1% on a year-over-year basis. During the same period last year, the firm posted ($0.33) EPS. As a group, sell-side analysts forecast that Irhythm Technologies will post -2.24 earnings per share for the current year.

In other news, Director Ralph Snyderman sold 250 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $134.55, for a total value of $33,637.50. Following the completion of the transaction, the director now owns 4,256 shares in the company, valued at approximately $572,644.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David A. Vort sold 11,264 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $126.47, for a total transaction of $1,424,558.08. Following the completion of the transaction, the executive vice president now owns 24,502 shares of the company’s stock, valued at approximately $3,098,767.94. The disclosure for this sale can be found here. Insiders sold a total of 141,862 shares of company stock valued at $17,677,502 in the last 90 days. Company insiders own 3.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. increased its holdings in shares of Irhythm Technologies by 53.8% in the 1st quarter. Cornerstone Advisors Inc. now owns 426 shares of the company’s stock valued at $35,000 after purchasing an additional 149 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Irhythm Technologies in the 4th quarter valued at about $90,000. Strs Ohio purchased a new position in shares of Irhythm Technologies in the 1st quarter valued at about $113,000. Exchange Traded Concepts LLC increased its holdings in shares of Irhythm Technologies by 23.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,543 shares of the company’s stock valued at $126,000 after purchasing an additional 297 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in shares of Irhythm Technologies by 16.4% in the 4th quarter. Great West Life Assurance Co. Can now owns 1,653 shares of the company’s stock valued at $112,000 after purchasing an additional 233 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.

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Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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