Zacks: Analysts Expect iRhythm Technologies, Inc. (NASDAQ:IRTC) Will Announce Earnings of -$0.95 Per Share

Equities research analysts expect that iRhythm Technologies, Inc. (NASDAQ:IRTC – Get Rating) will post earnings per share of ($0.95) for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for iRhythm Technologies’ earnings, with the lowest EPS estimate coming in at ($1.00) and the highest estimate coming in at ($0.89). iRhythm Technologies reported earnings of ($0.59) per share in the same quarter last year, which indicates a negative year-over-year growth rate of 61%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that iRhythm Technologies will report full year earnings of ($3.28) per share for the current financial year, with EPS estimates ranging from ($3.43) to ($3.11). For the next year, analysts anticipate that the firm will report earnings of ($1.99) per share, with EPS estimates ranging from ($2.62) to ($1.70). Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow iRhythm Technologies.

iRhythm Technologies (NASDAQ:IRTC – Get Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.26. iRhythm Technologies had a negative return on equity of 34.55% and a negative net margin of 36.43%. The company had revenue of $92.40 million during the quarter, compared to the consensus estimate of $86.76 million. During the same quarter in the previous year, the company posted ($0.95) earnings per share. The firm’s quarterly revenue was up 24.4% on a year-over-year basis.

Several research analysts have weighed in on the company. Morgan Stanley reduced their target price on iRhythm Technologies from $167.00 to $151.00 and set an “overweight” rating on the stock in a report on Thursday, February 24th. Needham & Company LLC upgraded iRhythm Technologies from a “hold” rating to a “buy” rating and set a $135.00 price objective on the stock in a report on Thursday, February 24th. StockNews.com initiated coverage on iRhythm Technologies in a research note on Thursday, March 31st. They set a “sell” rating for the company. Wolfe Research started coverage on shares of iRhythm Technologies in a research note on Tuesday, April 5th. They issued an “underperform” rating and a $105.00 price target on the stock. Finally, Citigroup increased their price objective on shares of iRhythm Technologies from $175.00 to $180.00 in a research report on Friday, May 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, iRhythm Technologies presently has an average rating of “Buy” and a consensus price target of $155.50.

In other iRhythm Technologies news, CFO Douglas Devine sold 576 shares of the firm’s stock in a transaction on Friday, March 4th. The stock was sold at an average price of $132.67, for a total value of $76,417.92. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David A. Vort sold 3,161 shares of the stock in a transaction dated Friday, March 4th. The shares were 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 sold 11,883 shares of company stock valued at $1,576,518 over the last three months. 1.64% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in IRTC. Capital Research Global Investors raised its holdings in shares of iRhythm Technologies by 60.9% during the first quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock valued at $222,237,000 after purchasing an additional 534,300 shares during the period. Western Standard LLC raised its holdings in iRhythm Technologies by 118.5% during the first quarter. Western Standard LLC now owns 47,200 shares of the company’s stock worth $5,823,000 after buying an additional 25,600 shares during the last quarter. Polar Asset Management Partners Inc. boosted its stake in iRhythm Technologies by 21.2% during the 1st quarter. Polar Asset Management Partners Inc. now owns 155,600 shares of the company’s stock valued at $24,502,000 after purchasing an additional 27,200 shares during the last quarter. Polar Capital Holdings Plc bought a new position in shares of iRhythm Technologies in the first quarter valued at approximately $1,526,000. Finally, Rock Springs Capital Management LP boosted its holdings in iRhythm Technologies by 0.7% during the 1st quarter. Rock Springs Capital Management LP now owns 436,000 shares of the company’s stock worth $68,657,000 after acquiring an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

IRTC opened at $133.01 on Friday. iRhythm Technologies has a twelve month low of $41.66 and a twelve month high of $169.54. The firm has a market cap of $3.96 billion, a PE ratio of -31.59 and a beta of 1.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.43 and a current ratio of 4.63. The firm’s fifty day moving average is $137.83 and its two-hundred day moving average is $123.28.

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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