iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $145.00 by Analysts at Oppenheimer

iRhythm Technologies (NASDAQ:IRTC) had its price target reduced by Oppenheimer from $165.00 to $145.00 in a research note published on Friday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently commented on IRTC. Truist Financial reiterated a buy rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday. Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a research report on Friday. Morgan Stanley decreased their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group decreased their price objective on shares of iRhythm Technologies from $133.00 to $122.00 and set a buy rating on the stock in a research report on Friday, May 3rd. Finally, Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded down $10.34 during mid-day trading on Friday, reaching $73.88. 1,772,462 shares of the company were exchanged, compared to its average volume of 337,934. The stock has a market capitalization of $2.30 billion, a PE ratio of -17.47 and a beta of 1.25. The company’s 50 day moving average price is $95.22 and its 200 day moving average price is $105.06. iRhythm Technologies has a 52 week low of $70.24 and a 52 week 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.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.31. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.61) EPS. Sell-side analysts forecast that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC boosted its position in shares of iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of iRhythm Technologies during the fourth quarter worth $92,000. SG Americas Securities LLC bought a new position in shares of iRhythm Technologies during the first quarter worth $126,000. Finally, Russell Investments Group Ltd. boosted its position in shares of iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after acquiring an additional 1,594 shares during the last quarter.

iRhythm Technologies Company Profile

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.