iRhythm Technologies, Inc. (NASDAQ:IRTC) Given Consensus Rating of “Buy” by Analysts

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been assigned a consensus rating of “Buy” from the nine ratings firms that are presently covering the firm, Marketbeat reports. Nine analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have issued a report on the stock in the last year is $118.67.

Several brokerages have recently issued reports on IRTC. Morgan Stanley reduced their price objective on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Robert W. Baird reduced their target price on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a report on Thursday, June 20th. Citigroup cut their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, Needham & Company LLC lowered their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a report on Friday, August 2nd.

iRhythm Technologies Stock Up 2.5 %

Shares of NASDAQ:IRTC opened at $76.61 on Wednesday. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. iRhythm Technologies has a 52-week low of $60.88 and a 52-week high of $124.11. The stock’s fifty day simple moving average is $79.52 and its 200-day simple moving average is $95.17. The company has a market capitalization of $2.39 billion, a P/E ratio of -18.11 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. During the same period in the prior year, the business earned ($0.61) earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts forecast that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The disclosure for this sale can be found here. Insiders have sold a total of 6,476 shares of company stock worth $521,081 in the last three months. 0.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently modified their holdings of the stock. Creative Planning purchased a new stake in shares of iRhythm Technologies during the 2nd quarter valued at about $385,000. Ascent Group LLC raised its holdings in shares of iRhythm Technologies by 33.4% during the 2nd quarter. Ascent Group LLC now owns 5,310 shares of the company’s stock valued at $572,000 after buying an additional 1,330 shares during the period. Cim Investment Management Inc. raised its holdings in shares of iRhythm Technologies by 23.2% during the 2nd quarter. Cim Investment Management Inc. now owns 5,834 shares of the company’s stock valued at $628,000 after buying an additional 1,099 shares during the period. Lighthouse Investment Partners LLC purchased a new stake in shares of iRhythm Technologies during the 2nd quarter valued at about $2,071,000. Finally, Mackenzie Financial Corp raised its holdings in shares of iRhythm Technologies by 5.9% during 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 during the period.

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.