Chad Patterson Sells 4,444 Shares of iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) insider Chad Patterson sold 4,444 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $570,787.36. Following the sale, the insider directly owned 58,164 shares in the company, valued at $7,470,584.16. This trade represents a 7.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Chad Patterson also recently made the following trade(s):

• On Wednesday, February 25th, Chad Patterson sold 8,967 shares of iRhythm Technologies stock. The shares were sold at an average price of $135.42, for a total value of $1,214,311.14.

iRhythm Technologies Stock Down 2.0%

iRhythm Technologies stock traded down $2.61 during mid-day trading on Tuesday, hitting $125.85. The company had a trading volume of 593,038 shares, compared to its average volume of 735,152. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25. iRhythm Technologies has a 1 year low of $92.52 and a 1 year high of $212.00. The business has a fifty day moving average of $159.40 and a 200 day moving average of $170.14. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -89.89 and a beta of 1.10.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position 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. Ascent Group LLC raised its stake in shares of iRhythm Technologies by 0.7% during the 4th quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock worth $1,701,000 after buying an additional 70 shares in the last quarter. WoodTrust Financial Corp lifted its holdings in shares of iRhythm Technologies by 0.7% in the 4th quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock valued at $1,787,000 after buying an additional 70 shares during the period. US Bancorp DE lifted its holdings in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after buying an additional 75 shares during the period. Finally, State of Wyoming boosted its stake in shares of iRhythm Technologies by 16.0% in the fourth quarter. State of Wyoming now owns 616 shares of the company’s stock valued at $109,000 after buying an additional 85 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on IRTC shares. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Truist Financial reiterated a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.62.

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.