Chad Patterson Sells 936 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) insider Chad Patterson sold 936 shares of the firm’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $150.00, for a total value of $140,400.00. Following the completion of the transaction, the insider now directly owns 48,929 shares in the company, valued at $7,339,350. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

iRhythm Technologies Stock Down 1.4%

NASDAQ IRTC opened at $151.47 on Thursday. The stock’s 50 day moving average is $134.28 and its 200 day moving average is $113.12. The company has a current ratio of 5.71, a quick ratio of 5.58 and a debt-to-equity ratio of 7.47. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $154.51. The stock has a market cap of $4.83 billion, a PE ratio of -48.24 and a beta of 1.40.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The business had revenue of $158.68 million during the quarter, compared to analysts’ expectations of $153.39 million. During the same period in the prior year, the firm posted ($1.23) earnings per share. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. Research analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on IRTC. Citigroup raised their target price on iRhythm Technologies from $130.00 to $167.00 and gave the stock a “buy” rating in a research report on Thursday, May 22nd. Robert W. Baird lifted their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Morgan Stanley lifted their price objective on iRhythm Technologies from $130.00 to $160.00 and gave the company an “overweight” rating in a research report on Wednesday, June 11th. Needham & Company LLC lifted their price objective on iRhythm Technologies from $138.00 to $151.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company raised iRhythm Technologies from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $104.00 to $130.00 in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $138.60.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently modified their holdings of the stock. MCF Advisors LLC bought a new position in iRhythm Technologies in the 1st quarter valued at $25,000. AlphaQuest LLC bought a new position in iRhythm Technologies in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in iRhythm Technologies in the 1st quarter valued at $50,000. CWM LLC grew its position in iRhythm Technologies by 54.3% in the 1st quarter. CWM LLC now owns 517 shares of the company’s stock valued at $54,000 after acquiring an additional 182 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in iRhythm Technologies by 41.3% in the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after acquiring an additional 162 shares during the last quarter.

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.