Irhythm Tech (NASDAQ:IRTC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “

Separately, Canaccord Genuity increased their price target on Irhythm Tech from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, September 22nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Irhythm Tech has an average rating of “Buy” and an average price target of $44.40.

Irhythm Tech (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.02. The company had revenue of $23.85 million for the quarter, compared to the consensus estimate of $22.10 million. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. The business’s quarterly revenue was up 51.6% compared to the same quarter last year.

TRADEMARK VIOLATION WARNING: “Irhythm Tech (IRTC) Rating Lowered to Hold at Zacks Investment Research” was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this article on another site, it was copied illegally and republished in violation of U.S. and international trademark and copyright law. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/10/13/irhythm-tech-irtc-rating-lowered-to-hold-at-zacks-investment-research.html.

In related news, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the completion of the sale, the director now owns 1,405 shares of the company’s stock, valued at $69,561.55. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Raymond W. Scott sold 52,903 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.59, for a total value of $2,306,041.77. The disclosure for this sale can be found here. Insiders have sold 118,014 shares of company stock valued at $5,453,106 in the last three months. Insiders own 23.30% of the company’s stock.

Several large investors have recently bought and sold shares of IRTC. FMR LLC increased its holdings in shares of Irhythm Tech by 382.2% in the second quarter. FMR LLC now owns 1,542,886 shares of the company’s stock valued at $65,557,000 after purchasing an additional 1,222,886 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Irhythm Tech by 103.2% in the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock valued at $101,941,000 after purchasing an additional 1,218,580 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Irhythm Tech by 644.3% in the second quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock valued at $37,561,000 after purchasing an additional 765,218 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Irhythm Tech by 2,702.1% in the second quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock valued at $25,794,000 after purchasing an additional 585,390 shares during the last quarter. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Irhythm Tech in the second quarter valued at approximately $21,300,000. 93.25% of the stock is owned by hedge funds and other institutional investors.

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.

Receive News & Stock Ratings for Irhythm Tech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Tech and related stocks with our FREE daily email newsletter.