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

iRhythm Technologies (NASDAQ:IRTC) had its target price lifted by Oppenheimer from $105.00 to $120.00 in a research note published on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Robert W. Baird dropped 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. Needham & Company LLC lowered 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 report on Thursday, October 31st. Truist Financial lifted their price objective on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.00.

iRhythm Technologies Trading Up 2.7 %

Shares of IRTC opened at $93.00 on Wednesday. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of -19.14 and a beta of 1.26. 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 has a 1-year low of $55.92 and a 1-year high of $124.11. The firm has a 50 day simple moving average of $85.77 and a 200-day simple moving average of $80.68.

iRhythm Technologies (NASDAQ:IRTC) last issued 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). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same quarter last year, the company posted ($0.89) EPS. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. Equities analysts forecast that iRhythm Technologies will post -3.35 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was acquired at an average price of $75.16 per share, with a total value of $500,866.24. Following the purchase, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the transaction, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Quarry LP purchased a new position in shares of iRhythm Technologies in the third quarter valued at $59,000. Wilmington Savings Fund Society FSB bought a new position in iRhythm Technologies in the 3rd quarter valued at about $119,000. nVerses Capital LLC boosted its position in shares of iRhythm Technologies by 400.0% during the 3rd 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. Bank Pictet & Cie Europe AG boosted its position in shares of iRhythm Technologies by 22.3% during the 3rd 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 in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of iRhythm Technologies during the 3rd quarter valued at about $243,000.

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.