Equities research analysts expect Irhythm Technologies Inc (NASDAQ:IRTC) to post $62.21 million in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Irhythm Technologies’ earnings. The highest sales estimate is $63.97 million and the lowest is $60.20 million. Irhythm Technologies posted sales of $55.96 million during the same quarter last year, which would indicate a positive year over year growth rate of 11.2%. The company is expected to issue its next earnings results on Tuesday, November 3rd.
According to Zacks, analysts expect that Irhythm Technologies will report full-year sales of $251.70 million for the current year, with estimates ranging from $241.40 million to $261.86 million. For the next fiscal year, analysts anticipate that the business will report sales of $363.65 million, with estimates ranging from $347.08 million to $411.97 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Irhythm Technologies.
Irhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.84) by $0.09. The company had revenue of $50.88 million during the quarter, compared to analyst estimates of $42.18 million. Irhythm Technologies had a negative return on equity of 50.23% and a negative net margin of 28.50%. The company’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.43) earnings per share.
A number of research firms have recently issued reports on IRTC. Citigroup increased their target price on Irhythm Technologies from $215.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. BidaskClub raised shares of Irhythm Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Investment Research downgraded shares of Irhythm Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, July 14th. Canaccord Genuity upped their price target on shares of Irhythm Technologies from $210.00 to $236.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Finally, Colliers Secur. raised shares of Irhythm Technologies from a “neutral” rating to a “buy” rating and set a $200.00 price target on the stock in a research note on Friday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $179.10.
In other news, EVP David A. Vort sold 11,264 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $108.71, for a total value of $1,224,509.44. Following the sale, the executive vice president now directly owns 22,955 shares of the company’s stock, valued at $2,495,438.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David A. Vort sold 5,264 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $217.80, for a total value of $1,146,499.20. Following the completion of the sale, the executive vice president now directly owns 21,267 shares in the company, valued at $4,631,952.60. The disclosure for this sale can be found here. Insiders have sold 158,054 shares of company stock worth $24,044,415 over the last three months. Company insiders own 3.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Irhythm Technologies by 1.8% in the second quarter. Vanguard Group Inc. now owns 2,536,731 shares of the company’s stock valued at $293,982,000 after purchasing an additional 44,791 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Irhythm Technologies by 87.8% in the first quarter. Alliancebernstein L.P. now owns 1,689,610 shares of the company’s stock valued at $137,450,000 after purchasing an additional 789,735 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of Irhythm Technologies by 16.1% in the first quarter. William Blair Investment Management LLC now owns 1,432,203 shares of the company’s stock valued at $116,510,000 after buying an additional 198,149 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Irhythm Technologies by 2.6% in the first quarter. JPMorgan Chase & Co. now owns 1,347,896 shares of the company’s stock valued at $109,651,000 after buying an additional 33,818 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of Irhythm Technologies by 1.0% in the first quarter. Wells Fargo & Company MN now owns 1,041,975 shares of the company’s stock valued at $84,765,000 after buying an additional 10,458 shares during the period.
Shares of IRTC traded down $3.99 during mid-day trading on Thursday, reaching $212.43. The company’s stock had a trading volume of 512,900 shares, compared to its average volume of 452,443. The business has a fifty day moving average of $169.51 and a 200 day moving average of $119.31. The company has a market cap of $5.82 billion, a price-to-earnings ratio of -85.66 and a beta of 1.80. Irhythm Technologies has a 1 year low of $56.24 and a 1 year high of $232.58. The company has a quick ratio of 2.99, a current ratio of 3.10 and a debt-to-equity ratio of 0.94.
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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