Truist Financial Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $95.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective upped by Truist Financial from $80.00 to $95.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on IRTC. Oppenheimer cut their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Citigroup reduced their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. 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 report on Friday, August 2nd. Morgan Stanley cut their price objective 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. Finally, JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.90.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $75.68 on Tuesday. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The business has a 50 day moving average price of $68.51 and a 200-day moving average price of $86.78. The company has a market cap of $2.36 billion, a PE ratio of -17.72 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The business had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.61) EPS. Equities analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at $773,477.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,072 shares of company stock valued at $372,748 in the last 90 days. 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 made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in iRhythm Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after buying an additional 35,694 shares in the last quarter. WoodTrust Financial Corp grew its stake in iRhythm Technologies by 3.6% during the first quarter. WoodTrust Financial Corp now owns 14,232 shares of the company’s stock valued at $1,651,000 after acquiring an additional 500 shares in the last quarter. Diversified Trust Co increased its holdings in iRhythm Technologies by 148.7% during the 1st quarter. Diversified Trust Co now owns 4,934 shares of the company’s stock worth $572,000 after acquiring an additional 2,950 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in iRhythm Technologies by 13.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 415,026 shares of the company’s stock worth $48,143,000 after purchasing an additional 49,168 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in iRhythm Technologies by 768.4% in the 1st quarter. Principal Financial Group Inc. now owns 62,592 shares of the company’s stock worth $7,261,000 after purchasing an additional 55,384 shares in 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.