Oppenheimer Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by stock analysts at Oppenheimer from $105.00 to $120.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 32.49% from the stock’s current price.

A number of other brokerages have also commented on IRTC. The Goldman Sachs Group started coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. Needham & Company LLC cut their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Wells Fargo & Company reiterated an “equal weight” rating and issued a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Finally, Canaccord Genuity Group raised their price target on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.00.

iRhythm Technologies Price Performance

IRTC opened at $90.57 on Wednesday. The firm’s fifty day moving average price is $85.42 and its two-hundred day moving average price is $80.59. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -18.64 and a beta of 1.26. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same period in the previous year, the company posted ($0.89) earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the purchase, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. This represents 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of IRTC. Quarry LP purchased a new position in iRhythm Technologies in the 3rd quarter worth approximately $59,000. Wilmington Savings Fund Society FSB bought a new stake in shares of iRhythm Technologies during the 3rd quarter worth $119,000. nVerses Capital LLC grew its position in iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after acquiring an additional 1,600 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after acquiring an additional 567 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in iRhythm Technologies during the third quarter valued at about $243,000.

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.