Zacks Investment Research Upgrades Irhythm Tech (IRTC) to Hold
Irhythm Tech (NASDAQ:IRTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Other equities research analysts also recently issued reports about the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $42.00 price target on shares of Irhythm Tech in a research note on Monday, May 15th. Morgan Stanley lifted their price objective on shares of Irhythm Tech from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Irhythm Tech presently has a consensus rating of “Buy” and a consensus price target of $37.75.
Irhythm Tech (IRTC) opened at 47.74 on Wednesday. Irhythm Tech has a 1-year low of $22.16 and a 1-year high of $47.90. The stock’s 50 day moving average is $43.50 and its 200-day moving average is $38.61. The firm’s market capitalization is $1.09 billion.
Irhythm Tech (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.02. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. The firm had revenue of $23.85 million during the quarter, compared to the consensus estimate of $22.10 million. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. Analysts forecast that Irhythm Tech will post ($1.13) EPS for the current year.
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In other news, Director Vijay K. Lathi sold 430,624 shares of Irhythm Tech stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $37.59, for a total transaction of $16,187,156.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew C. Garrett sold 25,086 shares of Irhythm Tech stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $42.06, for a total transaction of $1,055,117.16. The disclosure for this sale can be found here. Insiders have sold 981,362 shares of company stock valued at $37,855,145 over the last quarter. Corporate insiders own 23.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc boosted its position in shares of Irhythm Tech by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Irhythm Tech by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after buying an additional 945 shares in the last quarter. American International Group Inc. purchased a new position in Irhythm Tech during the first quarter valued at $161,000. First Mercantile Trust Co. purchased a new position in Irhythm Tech during the second quarter valued at $221,000. Finally, Quantitative Systematic Strategies LLC purchased a new position in Irhythm Tech during the second quarter valued at $262,000. Hedge funds and other institutional investors own 93.25% of the company’s stock.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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