iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $131.22 Consensus Target Price from Analysts

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have received an average recommendation of “Buy” from the eight brokerages that are covering the company, Marketbeat reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $131.22.

Several equities research analysts recently issued reports on the company. Needham & Company LLC upped their price target on iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Finally, Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research note on Thursday, June 20th.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $107.64 on Friday. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. The firm’s fifty day simple moving average is $98.94 and its two-hundred day simple moving average is $107.01. iRhythm Technologies has a 12 month low of $70.24 and a 12 month high of $124.11. The stock has a market capitalization of $3.35 billion, a P/E ratio of -25.45 and a beta of 1.24.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, May 2nd. The company reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). The business had revenue of $131.93 million during the quarter, compared to the consensus estimate of $128.87 million. iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. As a group, analysts predict that iRhythm Technologies will post -3.22 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares of the company’s stock, valued at $726,750.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumi Shrishrimal sold 1,131 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the transaction, the executive vice president now directly owns 23,298 shares of the company’s stock, valued at approximately $2,071,425.18. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently made changes to their positions in the stock. Westfield Capital Management Co. LP acquired a new position in iRhythm Technologies in the 1st quarter worth approximately $58,311,000. Champlain Investment Partners LLC boosted its stake in iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after purchasing an additional 293,710 shares during the last quarter. First Light Asset Management LLC grew its holdings in shares of iRhythm Technologies by 176.8% during the first quarter. First Light Asset Management LLC now owns 420,892 shares of the company’s stock worth $48,823,000 after buying an additional 268,829 shares in the last quarter. Norges Bank purchased a new stake in shares of iRhythm Technologies during the fourth quarter worth $26,522,000. Finally, Wellington Management Group LLP acquired a new stake in shares of iRhythm Technologies in the third quarter valued at about $20,659,000.

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.