Insider Selling: iRhythm Technologies (NASDAQ:IRTC) EVP Sells $547,232.22 in Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Mervin Smith sold 4,041 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $547,232.22. Following the completion of the sale, the executive vice president directly owned 20,275 shares in the company, valued at approximately $2,745,640.50. The trade was a 16.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• On Tuesday, February 24th, Mervin Smith sold 732 shares of iRhythm Technologies stock. The stock was sold at an average price of $140.91, for a total value of $103,146.12.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $133.75 on Friday. The company’s fifty day moving average price is $161.48 and its 200 day moving average price is $170.60. iRhythm Technologies has a 1 year low of $92.52 and a 1 year high of $212.00. The stock has a market capitalization of $4.32 billion, a P/E ratio of -95.54 and a beta of 1.06. 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 quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The company had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The firm’s revenue for the quarter was up 27.1% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) earnings per share. As a group, equities research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal 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.

Institutional Investors Weigh In On iRhythm Technologies

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

Analyst Ratings Changes

Several research firms have commented on IRTC. Truist Financial reiterated a “buy” rating and set a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. Finally, Robert W. Baird reduced their target price on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.62.

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.