Mervin Smith Sells 4,041 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) EVP Mervin Smith sold 4,041 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $547,232.22. Following the completion of the sale, the executive vice president directly owned 20,275 shares of the company’s stock, valued at $2,745,640.50. This represents a 16.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Mervin Smith also recently made the following trade(s):

• On Tuesday, February 24th, Mervin Smith sold 732 shares of iRhythm Technologies stock. The stock was sold at an average price of $140.91, for a total transaction of $103,146.12.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $133.75 on Friday. The firm has a 50 day simple moving average of $161.48 and a 200-day simple moving average of $170.54. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -95.54 and a beta of 1.06. 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.

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

Key Headlines Impacting iRhythm Technologies

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), showing accelerating top-line growth that supports the growth story. MarketBeat: iRhythm earnings summary
• Positive Sentiment: Institutional ownership rising — several large funds have added or increased stakes recently, providing a demand cushion for the shares and signaling confidence from professional investors. MarketBeat: Institutional holdings
• Neutral Sentiment: Analyst actions mixed — some firms trimmed price targets but many maintain Buy/Overweight ratings; consensus remains a moderate buy with a multi-month average target above the current price. MarketBeat: Analyst coverage
• Negative Sentiment: Heavy executive selling — CEO Quentin Blackford sold 25,540 shares and multiple senior officers (CFO, CAO, several EVPs) sold sizeable blocks at ~ $135.42 on Feb. 25; coordinated senior sales often spur near-term selling pressure and investor concern. CEO Form 4 (SEC)
• Negative Sentiment: Rising short interest — short positions have increased, raising potential for additional downside volatility if momentum stays negative or forced covering if sentiment flips.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies in the 3rd quarter valued at approximately $30,000. Root Financial Partners LLC acquired a new stake in shares of iRhythm Technologies in the third quarter valued at $30,000. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 60 shares during the period. Smartleaf Asset Management LLC grew its stake in iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after purchasing an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in iRhythm Technologies during the 3rd quarter worth about $34,000.

Wall Street Analyst Weigh In

Several analysts recently issued reports on IRTC shares. Loop Capital set a $220.00 price objective on shares of iRhythm Technologies in a report on Friday, October 31st. JPMorgan Chase & Co. dropped their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. The Goldman Sachs Group boosted their price target on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Canaccord Genuity Group lowered their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $211.62.

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.