Zacks Investment Research cut shares of IRHYTHM TECH (NASDAQ:IRTC) from a hold rating to a sell rating in a report released on Tuesday.

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 reports. Canaccord Genuity reaffirmed a buy rating and issued a $42.00 price objective on shares of IRHYTHM TECH in a research note on Tuesday, June 6th. Morgan Stanley upped their price objective on shares of IRHYTHM TECH from $43.00 to $47.00 and gave the company an overweight rating in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. IRHYTHM TECH presently has an average rating of Hold and a consensus price target of $37.75.

Shares of IRHYTHM TECH (NASDAQ IRTC) opened at 49.25 on Tuesday. IRHYTHM TECH has a one year low of $22.16 and a one year high of $50.51. The firm’s market capitalization is $1.12 billion. The company’s 50 day moving average is $49.16 and its 200-day moving average is $40.35.

IRHYTHM TECH (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.29) EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $22.10 million. IRHYTHM TECH’s quarterly revenue was up 51.6% on a year-over-year basis. Equities analysts expect that IRHYTHM TECH will post ($1.13) EPS for the current year.

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In related news, CFO Matthew C. Garrett sold 25,086 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $42.06, for a total transaction of $1,055,117.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kevin M. King sold 110,000 shares of the stock in a transaction on 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. Over the last three months, insiders have sold 213,487 shares of company stock worth $9,179,534. 23.30% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Research Global Investors boosted its stake in IRHYTHM TECH by 103.2% during the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock worth $101,941,000 after acquiring an additional 1,218,580 shares in the last quarter. FMR LLC boosted its stake in IRHYTHM TECH by 382.2% during the second quarter. FMR LLC now owns 1,542,886 shares of the company’s stock worth $65,557,000 after acquiring an additional 1,222,886 shares in the last quarter. Franklin Resources Inc. boosted its stake in IRHYTHM TECH by 5.0% during the second quarter. Franklin Resources Inc. now owns 1,109,613 shares of the company’s stock worth $47,147,000 after acquiring an additional 53,260 shares in the last quarter. TimesSquare Capital Management LLC boosted its stake in IRHYTHM TECH by 43.7% during the second quarter. TimesSquare Capital Management LLC now owns 1,060,230 shares of the company’s stock worth $45,049,000 after acquiring an additional 322,300 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in IRHYTHM TECH by 644.3% during the second quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock worth $37,561,000 after acquiring an additional 765,218 shares in the last quarter. 93.25% of the stock is currently owned by institutional investors and hedge funds.

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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