iRhythm Technologies (NASDAQ:IRTC) EVP Mervin Smith Sells 616 Shares

Key Points

• Mervin Smith, the EVP of iRhythm Technologies, sold 616 shares of the company's stock at an average price of $164.36, resulting in a transaction worth $101,245.76. Following the sale, he retains 15,838 shares valued at over $2.6 million.
• iRhythm Technologies' stock is currently down 2.8%, trading at $160.34, with a yearly range between $55.92 and $168.32.
• The company reported an EPS of ($0.32) for the last quarter, exceeding expectations, and had a revenue increase of 26.1% compared to the same quarter last year.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) EVP Mervin Smith sold 616 shares of iRhythm Technologies stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $164.36, for a total value of $101,245.76. Following the completion of the sale, the executive vice president directly owned 15,838 shares in the company, valued at $2,603,133.68. This represents a 3.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded down $2.49 on Friday, reaching $158.50. 397,626 shares of the company traded hands, compared to its average volume of 505,783. The company has a 50 day moving average of $144.41 and a 200 day moving average of $124.26. 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 has a 52 week low of $55.92 and a 52 week high of $168.32. The firm has a market capitalization of $5.09 billion, a PE ratio of -54.10 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.21. The firm 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%. The company's revenue was up 26.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.61) earnings per share. Equities analysts forecast that iRhythm Technologies will post -1.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of IRTC. MCF Advisors LLC purchased a new position in shares of iRhythm Technologies during the first quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new position in iRhythm Technologies in the 2nd quarter worth $39,000. AlphaQuest LLC bought a new stake in iRhythm Technologies in the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in iRhythm Technologies during the first quarter valued at about $50,000. Finally, CWM LLC boosted its position in iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $139.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Citigroup raised their price objective on iRhythm Technologies from $130.00 to $167.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC boosted their target price on iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Robert W. Baird increased their price target on iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has issued 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 an average price target 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.