iRhythm Technologies (NASDAQ:IRTC) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

iRhythm Technologies (NASDAQ:IRTC) posted its earnings results on Thursday. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.28, Briefing.com reports. The firm had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.61) EPS. iRhythm Technologies updated its FY 2024 guidance to EPS.

iRhythm Technologies Trading Down 6.8 %

NASDAQ IRTC traded down $5.03 on Monday, reaching $68.85. The stock had a trading volume of 324,153 shares, compared to its average volume of 418,056. iRhythm Technologies has a 12-month low of $65.54 and a 12-month high of $124.11. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. The stock has a fifty day moving average price of $95.22 and a two-hundred day moving average price of $104.98. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of -16.75 and a beta of 1.25.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Truist Financial reissued a “buy” rating and issued a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday. Needham & Company LLC cut their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer dropped their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday. Finally, Robert W. Baird dropped their target price on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.67.

Insider Activity at iRhythm Technologies

In other news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at $2,879,490.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now directly owns 27,255 shares in the company, valued at $2,879,490.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,045 shares of company stock worth $294,234. 0.68% of the stock is currently owned by company insiders.

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.