iRhythm Technologies (NASDAQ:IRTC) Insider Chad Patterson Sells 8,967 Shares of Stock

iRhythm Technologies (NASDAQ:IRTC) insider Chad Patterson sold 8,967 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the sale, the insider directly owned 51,738 shares in the company, valued at $7,006,359.96. This trade represents a 14.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Chad Patterson also recently made the following trade(s):

• On Tuesday, December 2nd, Chad Patterson sold 280 shares of iRhythm Technologies stock. The stock was sold at an average price of $184.83, for a total value of $51,752.40.

iRhythm Technologies Price Performance

IRTC stock opened at $140.18 on Friday. The stock has a market capitalization of $4.53 billion, a PE ratio of -100.13 and a beta of 1.06. iRhythm Technologies has a 1 year low of $92.52 and a 1 year high of $212.00. The company’s 50-day moving average is $162.29 and its 200-day moving average is $170.73. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The company had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.iRhythm Technologies’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same period last year, the business earned ($0.04) EPS. Equities research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

More iRhythm Technologies News

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Quarterly beat — iRhythm reported $0.29 EPS vs. $0.02 expected and revenue of $208.9M (+27% YoY), signaling accelerating sales growth that likely underpins today’s upside. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional support — large investors (Vanguard, Tudor, RTW, Geode, UBS AM) built or increased stakes in recent quarters, supplying a backstop of long-term demand. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst moves are mixed — several firms trimmed targets (Wells Fargo, JPMorgan, Canaccord) but maintained buy/overweight calls, while Citi lifted its target earlier; consensus remains a “Moderate Buy” with a ~ $212 average target. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy insider selling — CEO Quentin Blackford sold 25,540 shares and multiple senior executives (CFO, CAO, several EVPs and other insiders) sold additional blocks on Feb 25 at ~ $135.42, materially reducing their positions; such coordinated executive sales can be viewed negatively by markets. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short interest climbed ~20% to ~3.4M shares (≈10.6% of float) with a ~5.1-day cover ratio, increasing downside risk if negative news follows or giving volatility if shorts cover.

Wall Street Analysts Forecast Growth

Several research firms have commented on IRTC. BTIG Research lifted their target price on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research report on Monday, January 12th. Citigroup lifted their price objective on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Truist Financial reissued a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $211.62.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. Root Financial Partners LLC bought a new position in shares of iRhythm Technologies during the third quarter valued at $30,000. Measured Wealth Private Client Group LLC bought a new stake in iRhythm Technologies during the 3rd quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the third quarter worth about $34,000.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.