Insider Buying: iRhythm Technologies (NASDAQ:IRTC) Director Purchases $56,891.52 in Stock

iRhythm Technologies (NASDAQ:IRTC) Director Abhijit Talwalkar bought 5,312 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $10.71 per share, with a total value of $56,891.52. Following the completion of the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

iRhythm Technologies Trading Down 0.4%

Shares of IRTC opened at $114.16 on Friday. iRhythm Technologies has a 1 year low of $112.31 and a 1 year high of $212.00. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The stock has a 50 day simple moving average of $119.97 and a 200-day simple moving average of $150.80. The stock has a market cap of $3.75 billion, a PE ratio of -132.74 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same period in the prior year, the firm posted ($0.97) EPS. iRhythm Technologies’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, sell-side analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IRTC. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Sunday, May 3rd. Citigroup raised their price target on iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wells Fargo & Company dropped their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, May 1st. JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $193.38.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in IRTC. Royal Bank of Canada increased its stake in shares of iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of iRhythm Technologies by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after buying an additional 108,941 shares during the period. Strs Ohio acquired a new stake in shares of iRhythm Technologies in the 1st quarter valued at $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of iRhythm Technologies in the 2nd quarter valued at $1,278,000. Finally, First Trust Advisors LP increased its stake in shares of iRhythm Technologies by 66.0% in the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after buying an additional 22,337 shares during the period.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.