Insider Selling: iRhythm Technologies, Inc. (NASDAQ:IRTC) Insider Sells 3,012 Shares of Stock

iRhythm Technologies, Inc. (NASDAQ:IRTC) insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the transaction, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Chad Patterson also recently made the following trade(s):

• On Friday, May 31st, Chad Patterson bought 280 shares of iRhythm Technologies stock. The shares were purchased at an average price of $74.98 per share, for a total transaction of $20,994.40.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded down $3.11 on Monday, reaching $70.77. 905,172 shares of the company were exchanged, compared to its average volume of 421,956. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10. The company’s 50-day moving average is $95.22 and its two-hundred day moving average is $104.98. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -16.75 and a beta of 1.25. iRhythm Technologies, Inc. has a 1-year low of $65.54 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same period last year, the firm earned ($0.61) EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. As a group, research analysts expect that iRhythm Technologies, Inc. will post -3.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial reissued a “buy” rating and issued a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a report on Friday. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a report on Thursday, June 20th. Needham & Company LLC decreased their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a report on Friday. Finally, Canaccord Genuity Group decreased their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $118.67.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Artisan Partners Limited Partnership raised its holdings in iRhythm Technologies by 5.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock valued at $221,733,000 after buying an additional 108,875 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of iRhythm Technologies by 7.0% in the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after acquiring an additional 15,381 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after acquiring an additional 121,709 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of iRhythm Technologies in the 1st quarter worth approximately $1,925,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of iRhythm Technologies in the 1st quarter worth approximately $1,078,000.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.