iRhythm Technologies (NASDAQ:IRTC) Announces Earnings Results, Beats Estimates By $0.14 EPS

iRhythm Technologies (NASDAQ:IRTCGet Rating) announced its earnings results on Thursday. The company reported ($0.80) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.14, Briefing.com reports. The firm had revenue of $102.10 million during the quarter, compared to analyst estimates of $100.51 million. iRhythm Technologies had a negative net margin of 36.43% and a negative return on equity of 34.55%. iRhythm Technologies’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.59) EPS.

iRhythm Technologies Stock Down 2.5 %

Shares of NASDAQ IRTC traded down $3.76 during mid-day trading on Friday, reaching $149.66. The company had a trading volume of 426,699 shares, compared to its average volume of 401,240. The stock has a fifty day moving average of $132.99 and a two-hundred day moving average of $132.60. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.43 and a current ratio of 4.63. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of -35.55 and a beta of 1.50. iRhythm Technologies has a 12-month low of $41.66 and a 12-month high of $169.54.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Truist Financial reduced their price objective on shares of iRhythm Technologies from $200.00 to $165.00 and set a “buy” rating for the company in a research report on Thursday, June 16th. BTIG Research raised their price objective on shares of iRhythm Technologies from $155.00 to $178.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. restated an “overweight” rating and set a $135.00 price objective (down previously from $183.00) on shares of iRhythm Technologies in a research report on Wednesday, June 22nd. Finally, Citigroup lowered shares of iRhythm Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $180.00 to $155.00 in a research report on Thursday, June 9th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $155.58.

Insider Transactions at iRhythm Technologies

In other news, Director Merz Cathleen Noel Bairey sold 500 shares of the stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $111.76, for a total value of $55,880.00. Following the completion of the sale, the director now directly owns 4,977 shares of the company’s stock, valued at $556,229.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Merz Cathleen Noel Bairey sold 500 shares of the stock in a transaction that occurred on Tuesday, June 14th. The shares were sold at an average price of $111.76, for a total value of $55,880.00. Following the completion of the sale, the director now directly owns 4,977 shares of the company’s stock, valued at $556,229.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Douglas Devine sold 1,239 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $108.90, for a total transaction of $134,927.10. Following the transaction, the chief financial officer now directly owns 39,811 shares in the company, valued at approximately $4,335,417.90. The disclosure for this sale can be found here. Insiders sold 13,276 shares of company stock valued at $1,501,009 over the last three months. 1.64% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pearl River Capital LLC bought a new position in iRhythm Technologies during the first quarter valued at approximately $232,000. Vontobel Holding Ltd. acquired a new position in iRhythm Technologies during the first quarter valued at approximately $248,000. US Bancorp DE grew its holdings in iRhythm Technologies by 3.7% during the first quarter. US Bancorp DE now owns 4,012 shares of the company’s stock valued at $632,000 after purchasing an additional 144 shares during the last quarter. Ensign Peak Advisors Inc grew its holdings in iRhythm Technologies by 38.5% during the first 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 last quarter. Finally, Polar Capital Holdings Plc acquired a new position in iRhythm Technologies during the first quarter valued at approximately $1,526,000. Institutional investors own 97.92% of the company’s stock.

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.

See Also

Earnings History for iRhythm Technologies (NASDAQ:IRTC)

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