iRhythm Technologies (NASDAQ:IRTC) Downgraded to Hold at Zacks Investment Research

iRhythm Technologies (NASDAQ:IRTCGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, 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. “

Other equities analysts have also recently issued reports about the company. Citigroup increased their target price on iRhythm Technologies from $175.00 to $180.00 in a research note on Friday, May 6th. StockNews.com started coverage on iRhythm Technologies in a research report on Thursday, March 31st. They issued a “sell” rating on the stock. Oppenheimer raised iRhythm Technologies from a “market perform” rating to an “outperform” rating and set a $150.00 target price on the stock in a research report on Tuesday, January 11th. Robert W. Baird increased their target price on iRhythm Technologies from $110.00 to $137.00 in a research report on Wednesday, January 12th. Finally, Wolfe Research initiated coverage on iRhythm Technologies in a research report on Tuesday, April 5th. They issued an “underperform” rating and a $105.00 target price on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $155.50.

NASDAQ IRTC opened at $133.00 on Wednesday. iRhythm Technologies has a 12 month low of $41.66 and a 12 month high of $169.54. The company has a 50-day moving average of $137.58 and a 200-day moving average of $120.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.48 and a quick ratio of 3.36. The company has a market cap of $3.96 billion, a P/E ratio of -31.59 and a beta of 1.24.

iRhythm Technologies (NASDAQ:IRTCGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The company reported ($0.80) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.26. The company had revenue of $92.40 million during the quarter, compared to the consensus estimate of $86.76 million. iRhythm Technologies had a negative net margin of 36.43% and a negative return on equity of 33.11%. The company’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.95) EPS. As a group, equities research analysts anticipate that iRhythm Technologies will post -3.43 EPS for the current year.

In other news, CFO Douglas Devine sold 576 shares of the firm’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $132.67, for a total transaction of $76,417.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David A. Vort sold 3,161 shares of the firm’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $132.67, for a total value of $419,369.87. The disclosure for this sale can be found here. Insiders have sold a total of 21,983 shares of company stock valued at $2,798,517 over the last 90 days. Corporate insiders own 1.64% of the company’s stock.

Large investors have recently made changes to their positions in the company. FNY Investment Advisers LLC acquired a new stake in shares of iRhythm Technologies during the 1st quarter worth approximately $55,000. Rockefeller Capital Management L.P. grew its holdings in shares of iRhythm Technologies by 625.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 537 shares of the company’s stock worth $30,000 after purchasing an additional 463 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in shares of iRhythm Technologies by 44.3% during the 3rd quarter. First Horizon Advisors Inc. now owns 554 shares of the company’s stock worth $44,000 after purchasing an additional 170 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of iRhythm Technologies by 380.9% during the 4th quarter. Parallel Advisors LLC now owns 630 shares of the company’s stock worth $74,000 after purchasing an additional 499 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in shares of iRhythm Technologies by 211.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,103 shares of the company’s stock worth $138,000 after purchasing an additional 749 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.

About iRhythm Technologies (Get Rating)

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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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