iRhythm Technologies (NASDAQ:IRTC) Lowered to Sell at StockNews.com

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Friday.

A number of other analysts also recently issued reports on the stock. Canaccord Genuity Group dropped their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a "buy" rating for the company in a report on Friday, May 3rd. Citigroup lowered their price target on iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, August 22nd. Robert W. Baird cut their price objective on iRhythm Technologies from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price objective on iRhythm Technologies from $133.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Finally, Needham & Company LLC dropped their target price on iRhythm Technologies from $138.00 to $119.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $118.67.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded down $1.54 on Friday, hitting $70.88. The company's stock had a trading volume of 509,328 shares, compared to its average volume of 433,677. The company has a market capitalization of $2.20 billion, a PE ratio of -16.76 and a beta of 1.25. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The company has a 50-day simple moving average of $85.67 and a 200 day simple moving average of $98.37. iRhythm Technologies has a 1 year low of $63.65 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts' consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The business had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. During the same period last year, the firm posted ($0.61) earnings per share. iRhythm Technologies's quarterly revenue was up 19.3% on a year-over-year basis. Sell-side analysts forecast that iRhythm Technologies will post -3.22 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, insider Chad Patterson sold 3,012 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares of the company's stock, valued at $2,772,349.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Sumi Shrishrimal sold 1,131 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $100,557.21. Following the sale, the executive vice president now directly owns 23,298 shares of the company's stock, valued at approximately $2,071,425.18. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,117 shares of company stock worth $666,982. Company insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

Several large investors have recently modified their holdings of the business. Westfield Capital Management Co. LP bought a new position in iRhythm Technologies during the 1st quarter valued at approximately $58,311,000. Champlain Investment Partners LLC increased its stake in shares of iRhythm Technologies by 104.1% during the first quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company's stock valued at $66,793,000 after buying an additional 293,710 shares during the period. First Light Asset Management LLC raised its holdings in shares of iRhythm Technologies by 176.8% during the first quarter. First Light Asset Management LLC now owns 420,892 shares of the company's stock valued at $48,823,000 after acquiring an additional 268,829 shares in the last quarter. Norges Bank purchased a new stake in iRhythm Technologies in the fourth quarter worth $26,522,000. Finally, Capital Research Global Investors lifted its stake in iRhythm Technologies by 5.1% in the fourth 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 during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.