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

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 the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $158.97, for a total value of $406,168.35. Following the sale, the insider owned 43,667 shares in the company, valued at $6,941,742.99. The trade was a 5.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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 shares were sold at an average price of $150.00, for a total value of $140,400.00.

iRhythm Technologies Trading Down 0.4%

Shares of IRTC traded down $0.61 during trading hours on Monday, hitting $157.90. 17,496 shares of the stock were exchanged, compared to its average volume of 473,121. The firm has a market capitalization of $5.07 billion, a P/E ratio of -53.84 and a beta of 1.41. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $168.32. The business has a 50-day moving average of $144.41 and a 200-day moving average of $124.44. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data 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 during 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%. iRhythm Technologies's revenue for the quarter was up 26.1% on a year-over-year basis. During the same period last year, the firm earned ($0.61) EPS. On average, research analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of IRTC. MCF Advisors LLC bought a new stake in iRhythm Technologies during the 1st quarter valued at about $25,000. AlphaQuest LLC acquired a new stake in shares of iRhythm Technologies in the first quarter valued at about $30,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of iRhythm Technologies in the second quarter valued at about $39,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of iRhythm Technologies in the first quarter valued at approximately $50,000. Finally, CWM LLC raised its holdings in iRhythm Technologies by 54.3% in the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after acquiring an additional 182 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Citigroup lifted their price target on iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Needham & Company LLC boosted their price objective on iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a report on Friday, August 1st. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. 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 report on Friday, August 1st. Finally, Robert W. Baird increased their target price on iRhythm Technologies from $133.00 to $150.00 and gave the stock 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 assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.