Zacks Investment Research lowered shares of IRHYTHM TECH (NASDAQ:IRTC) from a hold rating to a sell rating in a research note published 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. “

A number of other equities research analysts also recently issued reports on IRTC. Canaccord Genuity reaffirmed a buy rating and issued a $42.00 price objective on shares of IRHYTHM TECH in a research report on Monday, May 15th. Morgan Stanley upped their price objective on shares of IRHYTHM TECH from $43.00 to $47.00 and gave the stock an overweight rating in a research report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. IRHYTHM TECH currently has a consensus rating of Hold and a consensus target price of $37.75.

IRHYTHM TECH (IRTC) opened at 47.94 on Wednesday. IRHYTHM TECH has a one year low of $22.16 and a one year high of $48.82. The stock has a 50 day moving average price of $44.11 and a 200 day moving average price of $38.90. The company’s market cap is $1.09 billion.

IRHYTHM TECH (NASDAQ:IRTC) last posted its earnings results on Wednesday, August 2nd. The company reported ($0.29) EPS for the quarter, topping 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 company had revenue of $23.85 million during the quarter, compared to the consensus estimate of $22.10 million. IRHYTHM TECH’s revenue was up 51.6% on a year-over-year basis. On average, equities analysts anticipate that IRHYTHM TECH will post ($1.13) EPS for the current fiscal year.

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In other IRHYTHM TECH news, Director Raymond W. Scott sold 12,749 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $45.30, for a total value of $577,529.70. Following the completion of the sale, the director now directly owns 12,749 shares of the company’s stock, valued at approximately $577,529.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kevin M. King sold 110,000 shares of the company’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $42.08, for a total transaction of $4,628,800.00. The disclosure for this sale can be found here. Insiders sold a total of 200,738 shares of company stock valued at $8,567,489 over the last ninety days. 23.30% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in IRTC. Legal & General Group Plc grew its position in shares of IRHYTHM TECH by 131.0% during the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after acquiring an additional 1,913 shares during the period. Nationwide Fund Advisors grew its position in shares of IRHYTHM TECH by 30.2% during the 1st quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after acquiring an additional 945 shares during the period. American International Group Inc. bought a new position in shares of IRHYTHM TECH during the 1st quarter valued at approximately $161,000. First Mercantile Trust Co. bought a new position in shares of IRHYTHM TECH during the 2nd quarter valued at approximately $221,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of IRHYTHM TECH during the 2nd quarter valued at approximately $262,000. 93.25% of the stock is owned by hedge funds and other institutional investors.

About IRHYTHM TECH

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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