iRhythm Technologies (NASDAQ:IRTC) Trading Up 5.9% Following Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) rose 5.9% on Tuesday after Canaccord Genuity Group raised their price target on the stock from $125.00 to $152.00. Canaccord Genuity Group currently has a buy rating on the stock. iRhythm Technologies traded as high as $87.80 and last traded at $87.67. Approximately 113,403 shares changed hands during trading, a decline of 76% from the average daily volume of 468,532 shares. The stock had previously closed at $82.79.

IRTC has been the topic of a number of other research reports. Wells Fargo & Company restated an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Robert W. Baird decreased their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target on the stock. Needham & Company LLC decreased their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Citigroup decreased 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.82.

Insider Activity

In related news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction that occurred 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 completion of the sale, the insider now owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. lifted its position in shares of iRhythm Technologies by 272.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock valued at $5,935,000 after buying an additional 58,448 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of iRhythm Technologies by 361.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after buying an additional 38,344 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of iRhythm Technologies by 14.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock valued at $51,192,000 after purchasing an additional 60,560 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at $1,497,000. Finally, Eagle Asset Management Inc. raised its stake in shares of iRhythm Technologies by 44.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 100,655 shares of the company’s stock valued at $7,473,000 after purchasing an additional 31,193 shares during the period.

iRhythm Technologies Stock Performance

The company has a market capitalization of $2.74 billion, a P/E ratio of -17.03 and a beta of 1.26. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The business has a 50 day moving average of $75.74 and a 200-day moving average of $81.13.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.89) earnings per share. On average, sell-side analysts predict that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

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.