iRhythm (NASDAQ:IRTC) Rating Increased to Hold at Zacks Investment Research

iRhythm (NASDAQ:IRTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, May 8th.

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 topic of a number of other research reports. Northland Securities reiterated a “hold” rating and set a $60.00 target price on shares of iRhythm in a research note on Monday, April 16th. BidaskClub downgraded iRhythm from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. BMO Capital Markets assumed coverage on iRhythm in a research report on Monday, March 5th. They set an “outperform” rating and a $76.00 price target on the stock. ValuEngine raised iRhythm from a “sell” rating to a “hold” rating in a research report on Friday, February 2nd. Finally, JPMorgan Chase increased their price target on iRhythm from $62.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, February 15th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $69.29.



IRTC traded up $2.02 on Tuesday, hitting $70.19. 6,557 shares of the company were exchanged, compared to its average volume of 219,113. The company has a current ratio of 6.59, a quick ratio of 6.48 and a debt-to-equity ratio of 0.45. iRhythm has a 12 month low of $66.72 and a 12 month high of $68.17.

iRhythm (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, May 2nd. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.11). The business had revenue of $30.60 million during the quarter, compared to the consensus estimate of $29.07 million. iRhythm had a negative net margin of 32.73% and a negative return on equity of 43.37%. iRhythm’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.24) EPS. research analysts predict that iRhythm will post -1.54 earnings per share for the current year.

In related news, Director Vijay K. Lathi sold 169,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $62.41, for a total transaction of $10,547,290.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP David A. Vort sold 935 shares of the firm’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $67.01, for a total value of $62,654.35. Following the transaction, the executive vice president now directly owns 22,221 shares of the company’s stock, valued at $1,489,029.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 432,452 shares of company stock worth $27,886,410. 23.30% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of IRTC. Schwab Charles Investment Management Inc. raised its position in shares of iRhythm by 90.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 76,586 shares of the company’s stock worth $3,974,000 after acquiring an additional 36,315 shares in the last quarter. Jennison Associates LLC raised its position in shares of iRhythm by 0.9% in the 4th quarter. Jennison Associates LLC now owns 96,416 shares of the company’s stock worth $5,404,000 after acquiring an additional 878 shares in the last quarter. Mutual of America Capital Management LLC bought a new position in shares of iRhythm in the 4th quarter worth about $2,371,000. Victory Capital Management Inc. raised its position in shares of iRhythm by 4.1% in the 4th quarter. Victory Capital Management Inc. now owns 202,525 shares of the company’s stock worth $11,351,000 after acquiring an additional 7,885 shares in the last quarter. Finally, Aperio Group LLC bought a new position in shares of iRhythm in the 4th quarter worth about $529,000.

About iRhythm

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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