Analysts Set iRhythm Technologies, Inc. (NASDAQ:IRTC) Target Price at $109.27

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $109.27.

IRTC has been the topic of a number of recent research reports. Canaccord Genuity Group upped their price objective on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Monday, December 9th. 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 research note on Friday, November 1st. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $90.39 on Friday. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm’s fifty day moving average is $80.38 and its 200 day moving average is $81.25. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -18.60 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last announced its 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 net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the prior year, the company posted ($0.89) earnings per share. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. Sell-side analysts forecast that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Activity

In related news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

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