iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $111.00

iRhythm Technologies (NASDAQ:IRTC) had its price target upped by Truist Financial from $85.00 to $111.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

IRTC has been the subject of several other research reports. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Robert W. Baird dropped their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $109.27.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $90.39 on Wednesday. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The stock’s 50 day simple moving average is $80.38 and its 200-day simple moving average is $81.28. The company has a market cap of $2.83 billion, a PE ratio of -18.60 and a beta of 1.26. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the previous year, the business posted ($0.89) EPS. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, equities research analysts anticipate that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the sale, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. This represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its stake in shares of iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after purchasing an additional 80,091 shares during the period. State Street Corp lifted its holdings in iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock worth $67,473,000 after buying an additional 11,992 shares in the last quarter. Braidwell LP boosted its position in iRhythm Technologies by 48.7% in the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after buying an additional 256,200 shares during the period. Eventide Asset Management LLC grew its stake in shares of iRhythm Technologies by 170.8% in the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after acquiring an additional 464,629 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of iRhythm Technologies by 0.7% during the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after acquiring an additional 5,423 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.