Equities research analysts expect Irhythm Technologies Inc (NASDAQ:IRTC) to post sales of $35.44 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Irhythm Technologies’ earnings, with the lowest sales estimate coming in at $35.05 million and the highest estimate coming in at $35.83 million. Irhythm Technologies reported sales of $25.04 million in the same quarter last year, which indicates a positive year over year growth rate of 41.5%. The business is scheduled to report its next earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Irhythm Technologies will report full-year sales of $140.86 million for the current financial year, with estimates ranging from $140.43 million to $141.78 million. For the next fiscal year, analysts anticipate that the firm will report sales of $189.60 million, with estimates ranging from $182.70 million to $198.53 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Irhythm Technologies.
Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.12). Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The company had revenue of $35.50 million for the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter last year, the company earned ($0.29) EPS. Irhythm Technologies’s revenue for the quarter was up 48.8% compared to the same quarter last year.
Several brokerages have weighed in on IRTC. BidaskClub upgraded Irhythm Technologies from a “hold” rating to a “buy” rating in a report on Friday, July 6th. Zacks Investment Research downgraded Irhythm Technologies from a “hold” rating to a “sell” rating in a report on Thursday, June 21st. Royal Bank of Canada upped their price target on Irhythm Technologies to $91.00 and gave the stock an “outperform” rating in a report on Wednesday, June 13th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Irhythm Technologies in a research report on Thursday, August 2nd. Finally, Canaccord Genuity upped their price objective on Irhythm Technologies from $93.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $89.25.
Shares of NASDAQ IRTC opened at $94.66 on Friday. The company has a current ratio of 5.58, a quick ratio of 5.47 and a debt-to-equity ratio of 0.48. Irhythm Technologies has a 1-year low of $46.95 and a 1-year high of $98.37. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of -72.82 and a beta of 1.30.
In other news, insider Derrick Sung sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $82.01, for a total transaction of $820,100.00. Following the completion of the transaction, the insider now directly owns 26,658 shares of the company’s stock, valued at approximately $2,186,222.58. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $82.90, for a total value of $4,974,000.00. Following the transaction, the insider now directly owns 282,367 shares of the company’s stock, valued at $23,408,224.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,537 shares of company stock valued at $7,013,900. Insiders own 23.30% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Irhythm Technologies by 30.2% during the 2nd quarter. BlackRock Inc. now owns 2,111,203 shares of the company’s stock worth $171,283,000 after acquiring an additional 489,585 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Irhythm Technologies by 1.4% during the 1st quarter. Franklin Resources Inc. now owns 1,065,716 shares of the company’s stock worth $67,087,000 after acquiring an additional 15,200 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Irhythm Technologies by 18.6% during the 2nd quarter. Wells Fargo & Company MN now owns 826,252 shares of the company’s stock worth $67,033,000 after acquiring an additional 129,506 shares in the last quarter. Millennium Management LLC boosted its position in shares of Irhythm Technologies by 17.1% in the 2nd quarter. Millennium Management LLC now owns 726,837 shares of the company’s stock valued at $58,968,000 after purchasing an additional 106,337 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Irhythm Technologies by 20.4% in the 1st quarter. JPMorgan Chase & Co. now owns 624,595 shares of the company’s stock valued at $39,318,000 after purchasing an additional 106,030 shares during the period.
Irhythm Technologies Company Profile
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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