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

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Zacks Investment Research cut shares of Irhythm Technologies (NASDAQ:IRTC) from a buy rating to a hold rating in a research note published 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 several other research reports. BidaskClub lowered shares of Boingo Wireless from a sell rating to a strong sell rating in a research note on Monday, June 10th. BTIG Research lowered shares of GTT Communications from a buy rating to a neutral rating in a research report on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Irhythm Technologies has an average rating of Buy and an average price target of $97.33.

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

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

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

Several large investors have recently bought and sold shares of IRTC. Amundi Pioneer Asset Management Inc. acquired a new position in Irhythm Technologies in the first quarter valued at approximately $1,911,000. FMR LLC lifted its holdings in Irhythm Technologies by 7.6% in the first quarter. FMR LLC now owns 1,580,865 shares of the company’s stock valued at $118,502,000 after buying an additional 111,643 shares during the period. Rehmann Capital Advisory Group lifted its holdings in Irhythm Technologies by 2,617.6% in the first quarter. Rehmann Capital Advisory Group now owns 2,935 shares of the company’s stock valued at $220,000 after buying an additional 2,827 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Irhythm Technologies in the first quarter valued at approximately $566,000. Finally, GAM Holding AG acquired a new position in Irhythm Technologies in the first quarter valued at approximately $2,952,000.

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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