Insider Selling: iRhythm Technologies (NASDAQ:IRTC) EVP Sells $173,650.88 in Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Mervin Smith sold 1,352 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the completion of the sale, the executive vice president owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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 value of $547,232.22.
• On Tuesday, February 24th, Mervin Smith sold 732 shares of iRhythm Technologies stock. The shares were sold at an average price of $140.91, for a total value of $103,146.12.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $126.95 on Friday. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25. The stock has a fifty day moving average of $157.46 and a 200 day moving average of $169.55. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of -90.68 and a beta of 1.09. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. The firm 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 company’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same period last year, the company posted ($0.04) EPS. As a group, research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new stake in shares of iRhythm Technologies during the third quarter valued at approximately $3,439,800,000. Vanguard Group Inc. lifted its position in iRhythm Technologies by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company’s stock valued at $587,418,000 after acquiring an additional 70,420 shares in the last quarter. RTW Investments LP purchased a new stake in iRhythm Technologies during the 4th quarter valued at $209,732,000. Geode Capital Management LLC increased its holdings in shares of iRhythm Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock worth $152,337,000 after purchasing an additional 68,301 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after purchasing an additional 259,800 shares during the last quarter.

Wall Street Analysts Forecast Growth

IRTC has been the subject of several research reports. Wells Fargo & Company decreased their target price on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 price target on shares of iRhythm Technologies in a research note on Monday, January 12th. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. JPMorgan Chase & Co. cut their price objective on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Finally, Evercore raised shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their target price for the company from $194.00 to $210.00 in a research note on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average price target 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.