iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Truist Financial Analyst Says

iRhythm Technologies (NASDAQ:IRTC) had its price objective upped by analysts at Truist Financial from $85.00 to $111.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 26.63% from the stock’s current price.

Several other research firms have also recently commented on IRTC. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective on the stock. Citigroup reduced their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Finally, Canaccord Genuity Group upped 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 analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $109.27.

iRhythm Technologies Stock Performance

IRTC stock opened at $87.66 on Wednesday. The stock’s fifty day moving average is $79.71 and its two-hundred day moving average is $81.24. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of -18.04 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. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results 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 net margin of 26.90% and a negative return on equity of 120.86%. The firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period in the previous year, the firm earned ($0.89) earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, research analysts predict that iRhythm Technologies will post -3.44 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its position in shares of iRhythm Technologies by 272.0% in the third quarter. Harbor Capital Advisors Inc. now owns 79,938 shares of the company’s stock worth $5,935,000 after buying an additional 58,448 shares during the period. Allspring Global Investments Holdings LLC boosted its position in iRhythm Technologies by 14.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 475,586 shares of the company’s stock worth $51,192,000 after acquiring an additional 60,560 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $1,497,000. Eagle Asset Management Inc. increased its holdings in shares of iRhythm Technologies by 44.9% in 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. Finally, Lighthouse Investment Partners LLC purchased a new stake in shares of iRhythm Technologies in the second quarter worth approximately $2,071,000.

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.