iRhythm Technologies (NASDAQ:IRTC) Posts Quarterly Earnings Results, Misses Estimates By $0.71 EPS

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($1.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71), Briefing.com reports. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same quarter in the previous year, the firm posted ($0.89) earnings per share. The firm's quarterly revenue was up 18.4% on a year-over-year basis. iRhythm Technologies updated its FY 2024 guidance to EPS.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded down $3.33 during midday trading on Thursday, reaching $72.44. 1,317,033 shares of the company were exchanged, compared to its average volume of 469,175. The stock's 50-day moving average price is $69.09 and its 200-day moving average price is $85.54. The stock has a market cap of $2.25 billion, a P/E ratio of -15.92 and a beta of 1.22. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

Insiders Place Their Bets

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business's stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now owns 24,428 shares of the company's stock, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Chad Patterson sold 3,012 shares of the business's 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 sale, the insider now owns 37,133 shares of the company's stock, valued at $2,772,349.78. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the business's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,072 shares of company stock valued at $372,748. 0.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group lifted their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Oppenheimer dropped their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an "outperform" rating for the company in a research report on Friday, August 2nd. StockNews.com cut shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Friday, September 27th. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a "neutral" rating and a $78.00 price objective on the stock. Finally, Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $120.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $111.60.

iRhythm Technologies Company Profile

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.