iRhythm Technologies (NASDAQ:IRTC) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

iRhythm Technologies (NASDAQ:IRTC – Get Rating) released its quarterly earnings results on Thursday. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.14, Briefing.com reports. The business had revenue of $102.10 million during the quarter, compared to analysts’ expectations of $100.51 million. iRhythm Technologies had a negative return on equity of 37.92% and a negative net margin of 36.15%. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.59) EPS.

iRhythm Technologies Price Performance

NASDAQ IRTC traded down $3.76 on Friday, hitting $149.66. The stock had a trading volume of 426,715 shares, compared to its average volume of 509,410. The company’s 50-day moving average is $132.99 and its two-hundred day moving average is $132.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.63 and a quick ratio of 4.43. iRhythm Technologies has a one year low of $41.66 and a one year high of $169.54.

Insider Activity at iRhythm Technologies

In related news, CFO Douglas Devine sold 10,109 shares of the company’s stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $114.22, for a total value of $1,154,649.98. Following the completion of the sale, the chief financial officer now owns 29,702 shares in the company, valued at approximately $3,392,562.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Daniel G. Wilson sold 1,428 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $108.93, for a total transaction of $155,552.04. Following the transaction, the executive vice president now owns 37,562 shares in the company, valued at approximately $4,091,628.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Douglas Devine sold 10,109 shares of the firm’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $114.22, for a total transaction of $1,154,649.98. Following the completion of the transaction, the chief financial officer now owns 29,702 shares in the company, valued at $3,392,562.44. The disclosure for this sale can be found here. Insiders sold a total of 13,276 shares of company stock valued at $1,501,009 over the last ninety days. Insiders own 1.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its stake in iRhythm Technologies by 136.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 35,352 shares of the company’s stock valued at $5,426,000 after buying an additional 20,399 shares during the last quarter. Capital Research Global Investors grew its stake in iRhythm Technologies by 60.9% in the 1st quarter. Capital Research Global Investors now owns 1,411,300 shares of the company’s stock valued at $222,237,000 after buying an additional 534,300 shares during the last quarter. Polar Capital Holdings Plc bought a new stake in iRhythm Technologies in the 1st quarter valued at $1,526,000. Ensign Peak Advisors Inc boosted its holdings in iRhythm Technologies by 38.5% in the 1st quarter. Ensign Peak Advisors Inc now owns 7,740 shares of the company’s stock valued at $1,219,000 after purchasing an additional 2,150 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in iRhythm Technologies by 172.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 156,704 shares of the company’s stock valued at $24,676,000 after purchasing an additional 99,182 shares during the period. 97.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IRTC has been the subject of a number of research analyst reports. BTIG Research raised their price target on iRhythm Technologies from $155.00 to $178.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup downgraded iRhythm Technologies from a “buy” rating to a “neutral” rating and cut their price target for the company from $180.00 to $155.00 in a report on Thursday, June 9th. Truist Financial dropped their target price on iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating on the stock in a research note on Thursday, June 16th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $135.00 price target (down previously from $183.00) on shares of iRhythm Technologies in a research report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.58.

About iRhythm Technologies

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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.