iRhythm Technologies (NASDAQ:IRTC) Given Buy Rating at Truist Financial

Truist Financial reiterated their buy rating on shares of iRhythm Technologies (NASDAQ:IRTC) in a research note released on Friday morning, Benzinga reports. The firm currently has a $117.00 price target on the stock, down from their prior price target of $134.00.

Other equities research analysts have also recently issued research reports about the stock. 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 research note on Thursday, June 20th. Needham & Company LLC reduced their target price on shares of iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research note on Friday. Morgan Stanley reduced their target price on shares of iRhythm Technologies from $135.00 to $130.00 and set an overweight rating for the company in a research note on Monday, July 15th. Finally, Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $133.00 to $122.00 and set a buy rating for the company in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Stock Performance

IRTC stock traded up $2.69 during mid-day trading on Friday, reaching $73.46. 468,800 shares of the stock traded hands, compared to its average volume of 422,175. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. iRhythm Technologies has a 52 week low of $65.54 and a 52 week high of $124.11. The business has a 50-day moving average of $94.86 and a two-hundred day moving average of $104.70. The firm has a market capitalization of $2.28 billion, a PE ratio of -17.17 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. During the same period in the prior year, the company earned ($0.61) earnings per share. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities analysts predict that iRhythm Technologies will post -3.22 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 of the company’s stock, valued at $2,772,349.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the transaction, the chief marketing officer now directly owns 27,255 shares in the company, valued at $2,879,490.75. The disclosure for this sale can be found here. Insiders sold a total of 6,745 shares of company stock valued at $570,476 over the last quarter. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in shares of iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock worth $772,000 after acquiring an additional 113 shares during the period. SeaCrest Wealth Management LLC raised its holdings in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 shares during the period. Ascent Group LLC raised its holdings in shares of iRhythm Technologies by 4.6% during the first quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after acquiring an additional 175 shares during the period. Handelsbanken Fonder AB raised its holdings in shares of iRhythm Technologies by 3.3% during the fourth quarter. Handelsbanken Fonder AB now owns 6,239 shares of the company’s stock worth $668,000 after acquiring an additional 200 shares during the period. Finally, Swiss National Bank raised its holdings in shares of iRhythm Technologies by 0.3% during the first quarter. Swiss National Bank now owns 60,500 shares of the company’s stock worth $7,018,000 after acquiring an additional 200 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.