iRhythm Technologies (NASDAQ:IRTC) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

iRhythm Technologies (NASDAQ:IRTC) posted its quarterly earnings data on Thursday. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.30, Zacks reports. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%. The company had revenue of $164.33 million during the quarter, compared to analysts’ expectations of $158.30 million.

iRhythm Technologies Trading Up 6.1 %

NASDAQ:IRTC traded up $6.91 during trading hours on Friday, hitting $119.58. 1,775,665 shares of the stock were exchanged, compared to its average volume of 344,914. The company has a market capitalization of $3.74 billion, a P/E ratio of -32.85 and a beta of 1.29. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company’s 50 day moving average is $101.77 and its two-hundred day moving average is $83.61. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $128.52.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Truist Financial increased their price objective on iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research report on Friday. Oppenheimer upped their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Canaccord Genuity Group upped their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Wells Fargo & Company upped their target price on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.55.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate 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.