iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $108.45.

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target on the stock. Oppenheimer upped their price target on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Truist Financial increased their target price on iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC lifted their target price on iRhythm Technologies from $96.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, January 13th.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the purchase, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its holdings in shares of iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after buying an additional 80,091 shares in the last quarter. State Street Corp boosted its stake in iRhythm Technologies by 1.3% in the third quarter. State Street Corp now owns 908,843 shares of the company’s stock valued at $67,473,000 after acquiring an additional 11,992 shares in the last quarter. Braidwell LP boosted its stake in iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after acquiring an additional 256,200 shares in the last quarter. Eventide Asset Management LLC grew its holdings in shares of iRhythm Technologies by 170.8% during the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after purchasing an additional 464,629 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of iRhythm Technologies by 0.7% during the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after purchasing an additional 5,423 shares in the last quarter.

iRhythm Technologies Trading Up 1.3 %

IRTC opened at $108.33 on Tuesday. The business’s 50 day moving average price is $88.22 and its 200 day moving average price is $80.42. 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 stock has a market capitalization of $3.39 billion, a PE ratio of -22.29 and a beta of 1.26. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.89) earnings per share. As a group, equities research analysts expect that iRhythm Technologies will post -3.35 EPS for the current 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.