Irhythm Technologies (IRTC) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

IRTC has been the topic of several other reports. Chardan Capital downgraded Irhythm Technologies from a buy rating to a neutral rating and lowered their price objective for the company from $111.00 to $104.00 in a research report on Wednesday, February 20th. BTIG Research restated a hold rating on shares of Irhythm Technologies in a research report on Wednesday, February 13th. BMO Capital Markets boosted their price objective on Irhythm Technologies from $96.00 to $105.00 and gave the company an outperform rating in a research report on Wednesday, February 13th. Northland Securities restated a hold rating and issued a $75.00 price objective on shares of Irhythm Technologies in a research report on Wednesday, February 13th. Finally, BidaskClub upgraded Irhythm Technologies from a hold rating to a buy rating in a research report on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $96.22.

NASDAQ IRTC opened at $68.92 on Thursday. The firm has a market cap of $1.69 billion, a P/E ratio of -36.47 and a beta of 1.72. The company has a current ratio of 3.52, a quick ratio of 3.45 and a debt-to-equity ratio of 0.64. Irhythm Technologies has a fifty-two week low of $55.18 and a fifty-two week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last released its earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.45) by ($0.03). The company had revenue of $43.16 million for the quarter, compared to analysts’ expectations of $40.21 million. Irhythm Technologies had a negative net margin of 32.78% and a negative return on equity of 69.79%. Irhythm Technologies’s revenue for the quarter was up 53.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.48) earnings per share. On average, equities research analysts anticipate that Irhythm Technologies will post -1.65 EPS for the current year.

In other news, CFO Matthew C. Garrett sold 20,203 shares of the business’s 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 directly owns 40,407 shares in the company, valued at $3,640,670.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Derrick Sung sold 9,068 shares of the business’s stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $84.04, for a total value of $762,074.72. Following the completion of the transaction, the executive vice president now owns 31,258 shares in the company, valued at $2,626,922.32. The disclosure for this sale can be found here. Insiders sold 117,891 shares of company stock worth $10,558,098 over the last 90 days. Company insiders own 5.05% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Quantamental Technologies LLC purchased a new stake in shares of Irhythm Technologies in the fourth quarter worth about $55,000. Pearl River Capital LLC purchased a new stake in shares of Irhythm Technologies in the fourth quarter worth about $66,000. Bank of Montreal Can lifted its position in shares of Irhythm Technologies by 574.7% in the fourth quarter. Bank of Montreal Can now owns 1,120 shares of the company’s stock worth $78,000 after buying an additional 954 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Irhythm Technologies by 38.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,278 shares of the company’s stock worth $89,000 after buying an additional 358 shares in the last quarter. Finally, Rehmann Capital Advisory Group purchased a new stake in shares of Irhythm Technologies in the third quarter worth about $160,000.

About Irhythm Technologies

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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