iRhythm Technologies (NASDAQ:IRTC) EVP Sells $103,146.12 in Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Mervin Smith sold 732 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $140.91, for a total transaction of $103,146.12. Following the sale, the executive vice president directly owned 15,106 shares in the company, valued at $2,128,586.46. This trade represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Mervin Smith also recently made the following trade(s):

• On Wednesday, February 25th, Mervin Smith sold 4,041 shares of iRhythm Technologies stock. The shares were sold at an average price of $135.42, for a total transaction of $547,232.22.

iRhythm Technologies Stock Down 4.6%

IRTC opened at $133.75 on Friday. The company has a fifty day moving average of $161.48 and a two-hundred day moving average of $170.54. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -95.54 and a beta of 1.06. iRhythm Technologies has a fifty-two week low of $92.52 and a fifty-two week high of $212.00. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63.

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

Trending Headlines about iRhythm Technologies

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), showing accelerating top-line growth that supports the growth story. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional ownership rising — several large funds have added or increased stakes recently, providing a demand cushion for the shares and signaling confidence from professional investors. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst actions mixed — some firms trimmed price targets but many maintain Buy/Overweight ratings; consensus remains a moderate buy with a multi-month average target above the current price. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy executive selling — CEO Quentin Blackford sold 25,540 shares and multiple senior officers (CFO, CAO, several EVPs) sold sizeable blocks at ~ $135.42 on Feb. 25; coordinated senior sales often spur near-term selling pressure and investor concern. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short positions have increased, raising potential for additional downside volatility if momentum stays negative or forced covering if sentiment flips.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IRTC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. BTIG Research upped their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $244.00 price objective on shares of iRhythm Technologies in a report on Monday, January 12th. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Finally, Loop Capital set a $220.00 price target on shares of iRhythm Technologies in a research report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.62.

Institutional Investors Weigh In On iRhythm Technologies

A number of hedge funds have recently modified their holdings of IRTC. Quantbot Technologies LP purchased a new position in iRhythm Technologies in the 2nd quarter worth approximately $3,578,000. Federated Hermes Inc. increased its holdings in shares of iRhythm Technologies by 45.4% in the third quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock valued at $12,108,000 after purchasing an additional 21,977 shares during the last quarter. Osaic Holdings Inc. lifted its position in iRhythm Technologies by 507.3% during the second quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after buying an additional 7,762 shares in the last quarter. Jump Financial LLC acquired a new position in iRhythm Technologies during the second quarter worth $9,668,000. Finally, Walleye Capital LLC acquired a new position in iRhythm Technologies during the second quarter worth $11,366,000.

iRhythm Technologies Company Profile

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.