iRhythm Technologies (NASDAQ:IRTC) Insider Sells $444,922.52 in Stock

Key Points

• Chad Patterson, an insider at iRhythm Technologies, sold 2,707 shares of stock for approximately $444,922.52, resulting in a 5.53% decrease in his position, now owning 46,222 shares valued at about $7.6 million.
• iRhythm Technologies recently reported quarterly earnings of ($0.32) per share, beating estimates, with a revenue of $186.69 million, a year-over-year increase of 26.1%.
• Several analysts have raised their price targets for iRhythm Technologies, with Wells Fargo increasing its target from $130 to $180 and Needham & Company setting a price objective of $180.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) insider Chad Patterson sold 2,707 shares of iRhythm Technologies stock in a transaction on Monday, August 4th. The shares were sold at an average price of $164.36, for a total value of $444,922.52. Following the transaction, the insider owned 46,222 shares of the company's stock, valued at $7,597,047.92. The trade was a 5.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Wednesday, August 6th, Chad Patterson sold 2,555 shares of iRhythm Technologies stock. The shares were sold at an average price of $158.97, for a total value of $406,168.35.
• 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 Stock Down 0.1%

Shares of NASDAQ:IRTC traded down $0.15 on Friday, reaching $160.84. The company had a trading volume of 238,804 shares, compared to its average volume of 475,133. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $168.32. The firm's 50 day simple moving average is $143.70 and its 200-day simple moving average is $123.55. The firm has a market capitalization of $5.17 billion, a PE ratio of -54.96 and a beta of 1.41. The company has a current ratio of 5.02, a quick ratio of 4.88 and a debt-to-equity ratio of 6.25.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The business had revenue of $186.69 million for the quarter, compared to the consensus estimate 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 was up 26.1% compared to the same quarter last year. During the same period last year, the business posted ($0.61) EPS. As a group, analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Institutional Trading of iRhythm Technologies

Institutional investors have recently made changes to their positions in the business. Bank Pictet & Cie Europe AG lifted its position in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company's stock worth $297,000 after acquiring an additional 184 shares during the period. LPL Financial LLC acquired a new stake in iRhythm Technologies during the 4th quarter worth about $243,000. Wellington Management Group LLP lifted its position in iRhythm Technologies by 9.3% during the 4th quarter. Wellington Management Group LLP now owns 233,840 shares of the company's stock worth $21,085,000 after acquiring an additional 19,891 shares during the period. Invesco Ltd. lifted 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, Bessemer Group Inc. lifted its position in iRhythm Technologies by 111.7% during the 4th quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after acquiring an additional 299,726 shares during the period.

Analysts Set New Price Targets

A number of analysts have commented on the company. Robert W. Baird lifted 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. Citigroup boosted 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. Morgan Stanley dropped 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. Wall Street Zen lowered iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Canaccord Genuity Group boosted their price target on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, iRhythm Technologies currently has an average rating of "Moderate Buy" and an average target price of $157.30.

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.