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 company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $160.54, for a total transaction of $4,816,200.00. Following the transaction, the chief executive officer owned 179,038 shares of the company's stock, valued at $28,742,760.52. This represents a 14.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded down $4.32 during trading hours on Wednesday, reaching $156.02. 506,802 shares of the company's stock were exchanged, compared to its average volume of 520,833. The company has a quick ratio of 4.88, a current ratio of 5.02 and a debt-to-equity ratio of 6.25. The company has a market capitalization of $5.01 billion, a P/E ratio of -53.25 and a beta of 1.41. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $168.32. The business's 50-day simple moving average is $143.40 and its two-hundred day simple moving average is $123.32.

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

Analyst Ratings Changes

IRTC has been the subject of several recent analyst reports. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Morgan Stanley lowered their target price on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 15th. Canaccord Genuity Group increased their price target on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. William Blair upgraded shares of iRhythm Technologies to a "strong-buy" rating in a research note on Friday, August 1st. Finally, Robert W. Baird raised their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $157.30.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IRTC. Principal Financial Group Inc. raised its stake in iRhythm Technologies by 1,793.7% during the 1st quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after purchasing an additional 47,785 shares during the period. GAMMA Investing LLC raised its position in iRhythm Technologies by 30,928.6% during the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock valued at $909,000 after buying an additional 8,660 shares during the period. SG Americas Securities LLC lifted its stake in iRhythm Technologies by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after acquiring an additional 4,119 shares in the last quarter. Invesco Ltd. boosted its position in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after acquiring an additional 207 shares during the period. Finally, Stephens Inc. AR acquired a new position in shares of iRhythm Technologies in the 1st quarter valued at about $222,000.

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.

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.