iRhythm Technologies (NASDAQ:IRTC) PT Raised to $137.00 at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by equities researchers at Canaccord Genuity Group from $122.00 to $137.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 91.26% from the company’s current price.

IRTC has been the topic of a number of other research reports. StockNews.com upgraded iRhythm Technologies from a “sell” rating to a “hold” rating in a report on Thursday, September 19th. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research note on Thursday, June 20th. Needham & Company LLC cut their target price on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Oppenheimer dropped their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. dropped their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $120.33.

iRhythm Technologies Price Performance

NASDAQ:IRTC opened at $71.63 on Wednesday. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The stock has a fifty day moving average of $75.28 and a 200 day moving average of $93.00. iRhythm Technologies has a 52-week low of $60.88 and a 52-week high of $124.11. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -16.93 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.28. The firm had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.61) earnings per share. On average, research analysts expect that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at $2,879,490.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the sale, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at $773,477.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. Insiders have sold a total of 6,476 shares of company stock valued at $521,081 over the last ninety days. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Vanguard Group Inc. boosted its position in shares of iRhythm Technologies by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after buying an additional 35,694 shares during the period. Capital Research Global Investors increased its position in shares of iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of iRhythm Technologies by 5.9% during the second 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 last quarter. Blair William & Co. IL grew its holdings in shares of iRhythm Technologies by 3.5% during the first quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after buying an additional 27,842 shares during the last quarter. Finally, Champlain Investment Partners LLC grew its holdings in shares of iRhythm Technologies by 104.1% during the first 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 during the last quarter.

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.