iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price boosted by analysts at Truist Financial from $85.00 to $111.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target indicates a potential upside of 23.43% from the company's previous close.
Other research analysts have also issued research reports about the stock. Wells Fargo & Company restated an "equal weight" rating and issued a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an "outperform" rating for the company in a research report on Friday, November 1st. StockNews.com lowered iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Friday, September 27th. Finally, The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a "neutral" rating and a $78.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $109.27.
Get Our Latest Stock Analysis on IRTC
Shares of IRTC traded down $1.52 during mid-day trading on Wednesday, reaching $89.93. The company had a trading volume of 18,044 shares, compared to its average volume of 463,675. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of -18.50 and a beta of 1.26. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm has a fifty day simple moving average of $78.56 and a 200-day simple moving average of $81.16. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $124.11.
iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its quarterly 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). The firm had revenue of $147.54 million for the quarter, compared to analysts' expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. iRhythm Technologies's revenue was up 18.4% on a year-over-year basis. During the same period last year, the firm posted ($0.89) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -3.44 EPS for the current fiscal year.
In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the 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 sale, the chief executive officer now directly owns 159,929 shares of the company's stock, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the company's stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the acquisition, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.68% of the company's stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Quarry LP acquired a new stake in iRhythm Technologies in the 3rd quarter valued at about $59,000. Nisa Investment Advisors LLC boosted its holdings in iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company's stock worth $67,000 after buying an additional 277 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in iRhythm Technologies in the third quarter worth approximately $119,000. nVerses Capital LLC increased its holdings in shares of iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock valued at $148,000 after buying an additional 1,600 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG lifted 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 acquiring an additional 567 shares during the last quarter.
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.
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