iRhythm Technologies (NASDAQ:IRTC) Issues Quarterly Earnings Results

iRhythm Technologies (NASDAQ:IRTC) announced its quarterly earnings results on Wednesday. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71), Briefing.com reports. The firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the business earned ($0.89) EPS. iRhythm Technologies updated its FY 2024 guidance to EPS.

iRhythm Technologies Trading Down 5.3 %

iRhythm Technologies stock traded down $4.02 during mid-day trading on Thursday, hitting $71.75. The company’s stock had a trading volume of 426,776 shares, compared to its average volume of 464,955. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The stock has a market cap of $2.23 billion, a PE ratio of -15.92 and a beta of 1.22. The company has a 50 day moving average of $69.09 and a 200-day moving average of $85.54. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Morgan Stanley reduced their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target for the company. Finally, Canaccord Genuity Group upped their price target on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.60.

Insider Transactions at iRhythm Technologies

In related news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now directly owns 10,360 shares in the company, valued at $773,477.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,072 shares of company stock worth $372,748. Insiders own 0.68% of the company’s stock.

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.