iRhythm Technologies (NASDAQ:IRTC) CEO Quentin S. Blackford Sells 30,000 Shares

Key Points

• Quentin S. Blackford, CEO of iRhythm Technologies, sold 30,000 shares of stock at an average price of $160.54, resulting in a total transaction of over $4.8 million and a 14.35% decrease in his ownership.
• iRhythm Technologies reported quarterly earnings with an EPS of ($0.32), exceeding expectations and showing a revenue increase of 26.1% year-over-year, totaling $186.69 million.
• Analysts have given mixed ratings on iRhythm Technologies, with nine buy ratings and a consensus price target of $157.30, while some adjustments in target prices have fluctuated between $147.00 and $180.00.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) CEO Quentin S. Blackford sold 30,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the completion of the transaction, the chief executive officer owned 179,038 shares in the company, valued at approximately $28,742,760.52. The trade was a 14.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded down $2.49 during trading hours on Friday, reaching $158.50. 397,626 shares of the stock traded hands, compared to its average volume of 505,783. The company has a market capitalization of $5.09 billion, a P/E ratio of -54.10 and a beta of 1.41. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $168.32. The company's 50-day simple moving average is $144.41 and its two-hundred day simple moving average is $124.35.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm had revenue of $186.69 million for the quarter, compared to the consensus estimate of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. The business's revenue was up 26.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.61) earnings per share. Equities research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Institutional Trading of iRhythm Technologies

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in shares of iRhythm Technologies by 1,793.7% in the 1st quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after acquiring an additional 47,785 shares during the last quarter. GAMMA Investing LLC lifted its position in iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after purchasing an additional 8,660 shares during the last quarter. SG Americas Securities LLC lifted its position in iRhythm Technologies by 95.6% in the first quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock valued at $882,000 after purchasing an additional 4,119 shares during the last quarter. Invesco Ltd. lifted its position in iRhythm Technologies by 1.1% in the fourth quarter. Invesco Ltd. now owns 19,200 shares of the company's stock valued at $1,731,000 after purchasing an additional 207 shares during the last quarter. Finally, Stephens Inc. AR bought a new stake in iRhythm Technologies during the 1st quarter valued at $222,000.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IRTC shares. William Blair upgraded iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Robert W. Baird upped their price target on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Citigroup upped their target price on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus price target of $157.30.

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.