Quentin Blackford Sells 25,540 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) CEO Quentin Blackford sold 25,540 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the completion of the transaction, the chief executive officer owned 186,126 shares in the company, valued at approximately $25,205,182.92. This trade represents a 12.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

iRhythm Technologies Stock Down 4.6%

IRTC stock opened at $133.75 on Friday. The company has a 50 day moving average price of $161.48 and a two-hundred day moving average price of $170.54. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The stock has a market capitalization of $4.32 billion, a P/E ratio of -95.54 and a beta of 1.06. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00.

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

Key Stories Impacting 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 Trading of iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies in the third quarter valued at about $30,000. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at about $30,000. GAMMA Investing LLC raised its holdings in shares of iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the period. Smartleaf Asset Management LLC lifted its position in iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after acquiring an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth approximately $34,000.

Analysts Set New Price Targets

Several research firms recently issued reports on IRTC. BTIG Research raised their target price 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. The Goldman Sachs Group boosted their price objective on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Truist Financial reaffirmed a “buy” rating and issued a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Finally, Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average 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.