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

iRhythm Technologies (NASDAQ:IRTC) had its target price increased by Truist Financial from $85.00 to $111.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also commented on IRTC. Citigroup decreased their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective for the company. Needham & Company LLC decreased their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Canaccord Genuity Group boosted their price target on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $109.27.

iRhythm Technologies Stock Down 6.0 %

Shares of NASDAQ IRTC opened at $85.95 on Wednesday. The firm’s 50-day moving average is $79.10 and its two-hundred day moving average is $81.19. The company has a market capitalization of $2.69 billion, a PE ratio of -17.69 and a beta of 1.26. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $124.11. 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 (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). The company had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. iRhythm Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.89) EPS. Equities analysts anticipate that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This trade 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 at the SEC website. Also, insider Patrick Michael Murphy sold 2,492 shares of iRhythm Technologies stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in iRhythm Technologies during the 3rd quarter worth approximately $59,000. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of iRhythm Technologies during the third quarter worth $119,000. nVerses Capital LLC lifted its position in shares of iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG boosted its stake in shares of 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 purchasing an additional 567 shares during the period.

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.