iRhythm Technologies (NASDAQ:IRTC) CEO Quentin Blackford Sells 25,540 Shares of Stock

iRhythm Technologies (NASDAQ:IRTC) CEO Quentin Blackford sold 25,540 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the transaction, the chief executive officer directly owned 186,126 shares in the company, valued at approximately $25,205,182.92. This represents a 12.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $140.18 on Friday. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. iRhythm Technologies has a 1-year low of $92.52 and a 1-year high of $212.00. The firm has a market capitalization of $4.53 billion, a P/E ratio of -100.13 and a beta of 1.06. The business’s 50-day simple moving average is $162.29 and its 200-day simple moving average is $170.73.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The company had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The firm’s quarterly revenue was up 27.1% on a year-over-year basis. Equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on IRTC. Loop Capital set a $220.00 price objective on shares of iRhythm Technologies in a report on Friday, October 31st. BTIG Research raised their price target on shares of iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research note on Thursday, January 15th. Truist Financial restated a “buy” rating and issued a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Finally, Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.62.

iRhythm Technologies News Roundup

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Quarterly beat — iRhythm reported $0.29 EPS vs. $0.02 expected and revenue of $208.9M (+27% YoY), signaling accelerating sales growth that likely underpins today’s upside. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional support — large investors (Vanguard, Tudor, RTW, Geode, UBS AM) built or increased stakes in recent quarters, supplying a backstop of long-term demand. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst moves are mixed — several firms trimmed targets (Wells Fargo, JPMorgan, Canaccord) but maintained buy/overweight calls, while Citi lifted its target earlier; consensus remains a “Moderate Buy” with a ~ $212 average target. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy insider selling — CEO Quentin Blackford sold 25,540 shares and multiple senior executives (CFO, CAO, several EVPs and other insiders) sold additional blocks on Feb 25 at ~ $135.42, materially reducing their positions; such coordinated executive sales can be viewed negatively by markets. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short interest climbed ~20% to ~3.4M shares (?10.6% of float) with a ~5.1-day cover ratio, increasing downside risk if negative news follows or giving volatility if shorts cover.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth about $30,000. Root Financial Partners LLC purchased a new stake in shares of iRhythm Technologies during the 3rd quarter worth about $30,000. GAMMA Investing LLC lifted its stake in iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after acquiring an additional 60 shares during the last quarter. Smartleaf Asset Management LLC grew its position in iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after acquiring an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $34,000.

About iRhythm Technologies

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.