iRhythm Technologies (NASDAQ:IRTC) Insider Chad Patterson Sells 2,555 Shares

Key Points

• Chad Patterson, an insider at iRhythm Technologies, sold 2,555 shares at an average price of $158.97, totaling approximately $406,168, which decreased his ownership in the company by 5.53%.
• iRhythm Technologies reported a quarterly revenue increase of 26.1%, reaching $186.69 million, and earnings per share of ($0.32), surpassing analyst expectations.
• The stock's current price is $160.99, with a market cap of $5.17 billion, and analysts maintain a consensus rating of "Moderate Buy" with a price target of $157.30.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) insider Chad Patterson sold 2,555 shares of iRhythm Technologies stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total value of $406,168.35. Following the transaction, the insider directly owned 43,667 shares in the company, valued at approximately $6,941,742.99. This trade represents a 5.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Chad Patterson also recently made the following trade(s):

• On Monday, August 4th, Chad Patterson sold 2,707 shares of iRhythm Technologies stock. The shares were sold at an average price of $164.36, for a total value of $444,922.52.
• On Monday, June 23rd, Chad Patterson sold 936 shares of iRhythm Technologies stock. The stock was sold at an average price of $150.00, for a total value of $140,400.00.

iRhythm Technologies Price Performance

Shares of IRTC stock traded up $4.97 during trading hours on Thursday, hitting $160.99. 418,981 shares of the company's stock were exchanged, compared to its average volume of 476,745. The stock's 50-day moving average is $143.70 and its 200-day moving average is $123.55. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of -54.95 and a beta of 1.41. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its 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 company had revenue of $186.69 million for the quarter, compared to analysts' expectations of $173.94 million. iRhythm Technologies had a negative return on equity of 90.03% and a negative net margin of 14.06%. The business's revenue for the quarter was up 26.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.61) earnings per share. As a group, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently made changes to their positions in IRTC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of iRhythm Technologies by 169.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after acquiring an additional 568,261 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of iRhythm Technologies during the first quarter valued at $54,249,000. First Light Asset Management LLC acquired a new position in shares of iRhythm Technologies during the fourth quarter valued at $38,818,000. Millennium Management LLC lifted its stake in iRhythm Technologies by 563.8% in the first quarter. Millennium Management LLC now owns 399,746 shares of the company's stock valued at $41,845,000 after buying an additional 339,529 shares during the period. Finally, Bessemer Group Inc. lifted its stake in iRhythm Technologies by 111.7% in the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock valued at $51,217,000 after buying an additional 299,726 shares during the period.

Analyst Ratings Changes

Several research firms recently weighed in on IRTC. Robert W. Baird boosted their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Wall Street Zen lowered iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Needham & Company LLC upped their price target on iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup upped their target price on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company upped their target price on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus 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.

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