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

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have been given an average rating of “Buy” by the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $130.88.

A number of research firms have recently weighed in on IRTC. Morgan Stanley reduced their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group decreased their target price on shares of iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a report on Thursday, June 20th. Truist Financial cut their price target on iRhythm Technologies from $145.00 to $134.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Finally, Needham & Company LLC lifted their price objective on iRhythm Technologies from $137.00 to $138.00 and gave the company a “buy” rating in a research note on Friday, May 3rd.

Insider Buying and Selling at iRhythm Technologies

In related news, EVP Sumi Shrishrimal sold 1,131 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $100,557.21. Following the completion of the sale, the executive vice president now owns 23,298 shares in the company, valued at $2,071,425.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the transaction, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sumi Shrishrimal sold 1,131 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the sale, the executive vice president now owns 23,298 shares of the company’s stock, valued at approximately $2,071,425.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,045 shares of company stock worth $294,234. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IRTC. Westfield Capital Management Co. LP bought a new stake in iRhythm Technologies during the 1st quarter worth approximately $58,311,000. Champlain Investment Partners LLC lifted its stake in shares of iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after buying an additional 293,710 shares in the last quarter. First Light Asset Management LLC boosted its holdings in iRhythm Technologies by 176.8% in the 1st quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock worth $48,823,000 after buying an additional 268,829 shares during the period. Norges Bank purchased a new stake in iRhythm Technologies in the 4th quarter worth $26,522,000. Finally, Capital Research Global Investors raised its holdings in iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after acquiring an additional 121,709 shares during the period.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $88.57 on Tuesday. The company has a 50-day simple moving average of $95.73 and a two-hundred day simple moving average of $105.74. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The firm has a market capitalization of $2.75 billion, a PE ratio of -20.94 and a beta of 1.24. iRhythm Technologies has a one year low of $70.24 and a one year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, May 2nd. The company reported ($1.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The firm had revenue of $131.93 million during the quarter, compared to analysts’ expectations of $128.87 million. On average, analysts anticipate that iRhythm Technologies will post -3.22 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.