Irhythm Technologies (NASDAQ:IRTC) Lowered to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research 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. “

IRTC has been the subject of a number of other research reports. BTIG Research downgraded shares of GTT Communications from a buy rating to a neutral rating in a research report on Wednesday, May 8th. BidaskClub downgraded shares of Boingo Wireless from a sell rating to a strong sell rating in a research report on Monday, June 10th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Irhythm Technologies currently has an average rating of Buy and an average price target of $97.33.

Irhythm Technologies stock opened at $80.16 on Wednesday. Irhythm Technologies has a 1-year low of $58.99 and a 1-year high of $98.37. The company has a fifty day simple moving average of $75.40. The company has a quick ratio of 3.18, a current ratio of 3.27 and a debt-to-equity ratio of 0.78.

Irhythm Technologies (NASDAQ:IRTC) last released its earnings results on Tuesday, May 7th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.17. The business had revenue of $47.21 million during the quarter, compared to the consensus estimate of $43.83 million. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 71.31%. The firm’s revenue for the quarter was up 54.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.47) earnings per share. On average, research analysts anticipate that Irhythm Technologies will post -1.53 earnings per share for the current year.

In other Irhythm Technologies news, insider Kevin M. King sold 60,000 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $70.00, for a total value of $4,200,000.00. Following the completion of the sale, the insider now owns 212,400 shares in the company, valued at $14,868,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Merz Cathleen Noel Bairey sold 1,209 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $76.40, for a total transaction of $92,367.60. Following the completion of the sale, the director now owns 3,844 shares of the company’s stock, valued at approximately $293,681.60. The disclosure for this sale can be found here. Company insiders own 3.85% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its stake in Irhythm Technologies by 38.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,278 shares of the company’s stock valued at $89,000 after acquiring an additional 358 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Irhythm Technologies by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 422,123 shares of the company’s stock valued at $29,330,000 after acquiring an additional 13,572 shares during the last quarter. Citigroup Inc. raised its stake in Irhythm Technologies by 15.6% during the 4th quarter. Citigroup Inc. now owns 9,926 shares of the company’s stock valued at $690,000 after acquiring an additional 1,337 shares during the last quarter. United Services Automobile Association raised its stake in Irhythm Technologies by 15.3% during the 4th quarter. United Services Automobile Association now owns 3,444 shares of the company’s stock valued at $239,000 after acquiring an additional 458 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Irhythm Technologies by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 254,410 shares of the company’s stock valued at $17,675,000 after acquiring an additional 16,951 shares during the last quarter.

About Irhythm Technologies

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