iRhythm Technologies (NASDAQ:IRTC) EVP Minang Turakhia Sells 7,804 Shares

iRhythm Technologies (NASDAQ:IRTC) EVP Minang Turakhia sold 7,804 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,056,817.68. Following the completion of the transaction, the executive vice president directly owned 48,899 shares in the company, valued at approximately $6,621,902.58. The trade was a 13.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $140.18 on Friday. The company’s 50 day moving average is $162.29 and its 200 day moving average is $170.73. The company has a market cap of $4.53 billion, a PE ratio of -100.13 and a beta of 1.06. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. iRhythm Technologies has a twelve month low of $92.52 and a twelve month high of $212.00.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on IRTC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. JPMorgan Chase & Co. dropped their target price on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Morgan Stanley restated an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Finally, Citigroup upped their target price on iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IRTC. MidFirst Bank acquired a new position in shares of iRhythm Technologies during the fourth quarter worth $235,000. Corient Private Wealth LLC lifted its position in iRhythm Technologies by 12.1% in the fourth quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock valued at $313,000 after acquiring an additional 191 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in iRhythm Technologies by 7.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock valued at $113,459,000 after acquiring an additional 44,175 shares during the last quarter. XTX Topco Ltd acquired a new position in iRhythm Technologies in the fourth quarter valued at $855,000. Finally, RTW Investments LP purchased a new position in shares of iRhythm Technologies during the fourth quarter worth about $209,732,000.

Key Headlines 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), signaling accelerating sales growth that likely underpins today’s upside. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional support — large investors (Vanguard, Tudor, RTW, Geode, UBS AM) built or increased stakes in recent quarters, supplying a backstop of long-term demand. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst moves are mixed — several firms trimmed targets (Wells Fargo, JPMorgan, Canaccord) but maintained buy/overweight calls, while Citi lifted its target earlier; consensus remains a “Moderate Buy” with a ~ $212 average target. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy insider selling — CEO Quentin Blackford sold 25,540 shares and multiple senior executives (CFO, CAO, several EVPs and other insiders) sold additional blocks on Feb 25 at ~ $135.42, materially reducing their positions; such coordinated executive sales can be viewed negatively by markets. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short interest climbed ~20% to ~3.4M shares (≈10.6% of float) with a ~5.1-day cover ratio, increasing downside risk if negative news follows or giving volatility if shorts cover.

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.