Brokerages Set iRhythm Technologies, Inc. (NASDAQ:IRTC) Price Target at $118.67

iRhythm Technologies, Inc. (NASDAQ:IRTC) has earned an average recommendation of “Buy” from the nine brokerages that are covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have covered the stock in the last year is $118.67.

Several analysts have issued reports on the company. Oppenheimer cut their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC cut their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Robert W. Baird decreased their price objective on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Citigroup cut their target price on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Finally, Truist Financial restated a “buy” rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd.

iRhythm Technologies Price Performance

NASDAQ IRTC opened at $76.61 on Wednesday. iRhythm Technologies has a 1 year low of $60.88 and a 1 year high of $124.11. The business’s fifty day moving average is $79.52 and its two-hundred day moving average is $95.49. The stock has a market capitalization of $2.39 billion, a P/E ratio of -18.11 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same period in the previous year, the firm posted ($0.61) EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. On average, research analysts forecast that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brice Bobzien sold 1,372 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Chad Patterson sold 3,012 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares of the company’s stock, valued at $1,718,265.52. The disclosure for this sale can be found here. Insiders sold a total of 6,476 shares of company stock worth $521,081 in the last quarter. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in shares of iRhythm Technologies by 22.3% in the 4th quarter. Victory Capital Management Inc. now owns 4,070 shares of the company’s stock valued at $436,000 after purchasing an additional 743 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in iRhythm Technologies by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 239,659 shares of the company’s stock worth $25,653,000 after buying an additional 3,486 shares during the last quarter. Principal Financial Group Inc. raised its holdings in iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after buying an additional 113 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of iRhythm Technologies by 41.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,985 shares of the company’s stock worth $1,211,000 after buying an additional 3,507 shares during the last quarter. Finally, Fiera Capital Corp boosted its stake in shares of iRhythm Technologies by 0.4% during the 4th quarter. Fiera Capital Corp now owns 399,200 shares of the company’s stock worth $42,730,000 after acquiring an additional 1,421 shares in the last quarter.

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.