iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $109.27 Average Price Target from Analysts

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $109.27.

A number of brokerages have recently issued reports on IRTC. Wells Fargo & Company restated an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Truist Financial boosted their price target on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. 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 began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Robert W. Baird lowered 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 report on Friday, November 1st.

Insider Buying and Selling

In related news, 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 price of $75.16 per share, with a total value of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares of the company’s stock, valued at $1,423,605.56. The trade was a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares in the company, valued at approximately $12,380,103.89. The trade was 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 currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings 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 worth $67,000 after buying an additional 277 shares in the last quarter. Quarry LP acquired a new position in iRhythm Technologies in the 3rd quarter worth about $59,000. Wilmington Savings Fund Society FSB bought a new position in iRhythm Technologies in the third quarter valued at about $119,000. nVerses Capital LLC boosted its stake 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 valued at $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in shares of iRhythm Technologies during the second quarter worth about $297,000.

iRhythm Technologies Stock Performance

IRTC opened at $89.99 on Friday. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $124.11. The business has a 50 day moving average of $82.68 and a 200-day moving average of $81.20. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of -18.52 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the business earned ($0.89) EPS. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities research analysts expect that iRhythm Technologies will post -3.44 earnings per share 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.