iRhythm Technologies (NASDAQ:IRTC) Announces Earnings Results

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

iRhythm Technologies Trading Down 5.3 %

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

Wall Street Analyst Weigh In

IRTC has been the topic of several recent analyst reports. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Citigroup lowered their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Truist Financial upped their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $111.60.

Insider Transactions at iRhythm Technologies

In other news, EVP Mervin Smith sold 688 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mervin Smith sold 688 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the transaction, the executive vice president now directly owns 10,360 shares in the company, valued at approximately $773,477.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,072 shares of company stock worth $372,748. Company 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.