iRhythm Technologies (NASDAQ:IRTC) Price Target Increased to $137.00 by Analysts at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by Canaccord Genuity Group from $122.00 to $137.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

IRTC has been the topic of a number of other research reports. Needham & Company LLC dropped their price target on iRhythm Technologies from $138.00 to $119.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Wolfe Research raised iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 price target on the stock in a research report on Thursday, June 20th. Morgan Stanley dropped their price target on iRhythm Technologies from $135.00 to $130.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Citigroup dropped their price target on iRhythm Technologies from $135.00 to $110.00 and set a buy rating on the stock in a research report on Thursday, August 22nd. Finally, Truist Financial reissued 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, August 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $120.33.

iRhythm Technologies Price Performance

Shares of IRTC opened at $72.87 on Wednesday. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a 1 year low of $60.88 and a 1 year high of $124.11. The stock has a market cap of $2.27 billion, a P/E ratio of -17.12 and a beta of 1.22. The stock’s 50-day moving average price is $74.74 and its two-hundred day moving average price is $92.85.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. The firm had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.61) earnings per share. On average, equities analysts predict that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the transaction, the executive vice president now directly owns 10,360 shares in the company, valued at approximately $773,477.60. The disclosure for this sale can be found here. Insiders have sold 6,476 shares of company stock valued at $521,081 in the last 90 days. 0.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Creative Planning bought a new position in shares of iRhythm Technologies during the 2nd quarter worth approximately $385,000. Ascent Group LLC boosted its stake in shares of iRhythm Technologies by 33.4% during the 2nd quarter. Ascent Group LLC now owns 5,310 shares of the company’s stock worth $572,000 after acquiring an additional 1,330 shares during the period. Cim Investment Management Inc. boosted its stake in shares of iRhythm Technologies by 23.2% during the 2nd quarter. Cim Investment Management Inc. now owns 5,834 shares of the company’s stock worth $628,000 after acquiring an additional 1,099 shares during the period. Lighthouse Investment Partners LLC bought a new position in shares of iRhythm Technologies during the 2nd quarter worth approximately $2,071,000. Finally, Mackenzie Financial Corp boosted its stake in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after acquiring an additional 80,091 shares during the period.

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.