iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $108.45.

A number of brokerages have weighed in on IRTC. Needham & Company LLC raised their target price on shares of iRhythm Technologies from $96.00 to $112.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday, December 3rd. StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Robert W. Baird cut their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Oppenheimer upped their price objective on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th.

Insider Activity at iRhythm Technologies

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Eventide Asset Management LLC increased its holdings in iRhythm Technologies by 170.8% during the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after purchasing an additional 464,629 shares in the last quarter. Braidwell LP grew its holdings in iRhythm Technologies by 48.7% during the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after buying an additional 256,200 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in iRhythm Technologies by 38.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after buying an additional 195,246 shares during the last quarter. Mackenzie Financial Corp lifted its stake in iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after acquiring an additional 80,091 shares in the last quarter. Finally, Fred Alger Management LLC boosted its holdings in iRhythm Technologies by 24.4% during the 3rd quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after acquiring an additional 61,696 shares during the last quarter.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $108.33 on Tuesday. The firm has a market cap of $3.39 billion, a PE ratio of -22.29 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. The stock’s fifty day moving average price is $88.22 and its two-hundred day moving average price is $80.53. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11.

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