Chad Patterson Sells 8,967 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) insider Chad Patterson sold 8,967 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the transaction, the insider directly owned 51,738 shares in the company, valued at approximately $7,006,359.96. The trade was a 14.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Chad Patterson also recently made the following trade(s):

• On Tuesday, December 2nd, Chad Patterson sold 280 shares of iRhythm Technologies stock. The stock was sold at an average price of $184.83, for a total value of $51,752.40.

iRhythm Technologies Stock Up 3.1%

Shares of NASDAQ:IRTC traded up $4.28 on Thursday, reaching $140.18. The company had a trading volume of 390,033 shares, compared to its average volume of 725,398. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. The firm’s 50 day simple moving average is $162.29 and its 200-day simple moving average is $170.73. The firm has a market capitalization 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 (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The company had revenue of $208.89 million for the quarter, compared to the consensus estimate of $202.61 million. During the same quarter last year, the company earned ($0.04) earnings per share. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. As a group, analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

iRhythm Technologies News Summary

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Q4 results: iRhythm posted an EPS beat and revenue growth (quarterly revenue +27% y/y), which supports the bullish case on durable demand for its Zio monitoring service. Q4 Earnings / MarketBeat
• Positive Sentiment: Institutional support: several large funds (Vanguard, Tudor, RTW, UBS AM) hold or increased positions, providing steady buying interest beneath the stock. Institutional Holdings / MarketBeat
• Neutral Sentiment: Short-interest increase: short interest rose ~20% in February to ~3.4M shares (≈10.6% of float), raising volatility risk and creating potential short-squeeze dynamics but also indicating bearish positioning. (No single definitive directional signal.)
• Negative Sentiment: Large insider selling: multiple executives — including the CEO (25,540 shares) and several EVPs, the CFO and CAO — sold sizable blocks on Feb. 25. The concentrated sales (each a double-digit % reduction in those insiders’ holdings) are a clear near-term negative for sentiment. CEO Form 4
• Negative Sentiment: Analyst moves: several firms trimmed price targets (Wells Fargo, JPMorgan, Canaccord) even as others remain constructive; mixed analyst revisions add uncertainty to near-term guidance on valuation.

Wall Street Analyst Weigh In

A number of research firms recently commented on IRTC. Robert W. Baird decreased their target price on shares of iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $244.00 price target on shares of iRhythm Technologies in a research report on Monday, January 12th. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. JPMorgan Chase & Co. reduced 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. Finally, Truist Financial reissued a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a report on Friday, February 20th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $211.62.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL acquired a new position in shares of iRhythm Technologies in the 3rd quarter valued at about $3,439,800,000. RTW Investments LP purchased a new position in iRhythm Technologies during the fourth quarter worth approximately $209,732,000. Millennium Management LLC lifted its position in shares of iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after buying an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares in the last quarter. Finally, Polar Capital Holdings Plc boosted its holdings in iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after buying an additional 334,558 shares during the last quarter.

iRhythm Technologies Company Profile

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.