Irhythm Technologies (IRTC) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a sell rating to a hold rating in a research report report published on Wednesday morning.

Several other research analysts have also issued reports on IRTC. Zacks Investment Research raised shares of Irhythm Technologies from a sell rating to a hold rating in a research note on Wednesday, August 30th. Dougherty & Co began coverage on shares of Irhythm Technologies in a research note on Friday, December 1st. They issued a neutral rating on the stock. ValuEngine raised shares of Irhythm Technologies from a sell rating to a hold rating in a research note on Saturday, October 21st. Canaccord Genuity raised their target price on shares of Irhythm Technologies from $49.00 to $55.00 and gave the company a buy rating in a research note on Friday, September 22nd. Finally, Morgan Stanley increased their price target on shares of Irhythm Technologies from $50.00 to $65.00 and gave the company an overweight rating in a research report on Friday, November 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $65.25.

Irhythm Technologies (NASDAQ:IRTC) opened at $54.91 on Wednesday. The stock has a market cap of $1,180.00 and a PE ratio of -46.14. The company has a debt-to-equity ratio of 0.38, a current ratio of 7.65 and a quick ratio of 7.57. Irhythm Technologies has a one year low of $27.88 and a one year high of $57.90.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.05. The company had revenue of $25.04 million for the quarter, compared to analyst estimates of $24.30 million. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 27.67%. The company’s revenue for the quarter was up 49.2% on a year-over-year basis. During the same quarter last year, the firm earned ($2.80) EPS. sell-side analysts expect that Irhythm Technologies will post -1.17 earnings per share for the current fiscal year.

In related news, Director Vijay K. Lathi sold 225,000 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $52.10, for a total value of $11,722,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the sale, the insider now owns 103,042 shares in the company, valued at $5,342,727.70. The disclosure for this sale can be found here. Insiders sold a total of 493,623 shares of company stock worth $25,794,521 over the last quarter. 23.30% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Advisor Group Inc. raised its holdings in Irhythm Technologies by 763.9% during the 3rd quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock worth $151,000 after buying an additional 2,582 shares during the period. Legal & General Group Plc raised its holdings in Irhythm Technologies by 131.0% during the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares during the period. Voya Investment Management LLC acquired a new stake in Irhythm Technologies during the 2nd quarter worth approximately $274,000. GSA Capital Partners LLP acquired a new stake in Irhythm Technologies during the 2nd quarter worth approximately $289,000. Finally, Nationwide Fund Advisors raised its holdings in Irhythm Technologies by 92.8% during the 2nd quarter. Nationwide Fund Advisors now owns 7,843 shares of the company’s stock worth $333,000 after buying an additional 3,774 shares during the period. Hedge funds and other institutional investors own 97.80% of the company’s stock.

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Irhythm Technologies Company Profile

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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