iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $108.50 Average Target Price from Analysts

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have earned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $108.50.

IRTC has been the subject of a number of analyst reports. Needham & Company LLC dropped their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Robert W. Baird dropped their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Oppenheimer lowered their target price on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Finally, Canaccord Genuity Group increased their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $89.02 on Monday. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The company has a fifty day moving average of $73.51 and a two-hundred day moving average of $81.74. The stock has a market capitalization of $2.79 billion, a PE ratio of -18.32 and a beta of 1.23. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The business had revenue of $147.54 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.89) earnings per share. As a group, research analysts forecast that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were 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 in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the stock in a transaction dated Monday, November 4th. The shares were acquired at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. The trade was a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently modified their holdings of the business. SeaCrest Wealth Management LLC grew its position in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 shares during the last quarter. Ascent Group LLC raised its stake in shares of iRhythm Technologies by 4.6% during the 1st quarter. Ascent Group LLC now owns 3,980 shares of the company’s stock worth $462,000 after buying an additional 175 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the last quarter. Arizona State Retirement System raised its stake in shares of iRhythm Technologies by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after buying an additional 287 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of iRhythm Technologies by 6.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after buying an additional 482 shares during the last quarter.

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.