iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $108.45 Consensus Target Price from Brokerages

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $108.45.

A number of equities research analysts recently commented on IRTC shares. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Needham & Company LLC increased their price objective on iRhythm Technologies from $96.00 to $112.00 and gave the company a “buy” rating in a report on Monday, January 13th. Robert W. Baird dropped their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Oppenheimer increased their price target on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. Finally, Canaccord Genuity Group boosted their price target on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th.

Insider Buying and Selling

In related news, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares of the company’s stock, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd purchased a new stake in shares of iRhythm Technologies in the fourth quarter worth about $45,000. Van ECK Associates Corp lifted its holdings in iRhythm Technologies by 41.3% in the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after acquiring an additional 162 shares during the period. Quarry LP purchased a new stake in iRhythm Technologies in the 3rd quarter worth approximately $59,000. Nisa Investment Advisors LLC grew its stake in shares of iRhythm Technologies by 166.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock worth $94,000 after purchasing an additional 648 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of iRhythm Technologies during the 3rd quarter valued at approximately $119,000.

iRhythm Technologies Stock Performance

IRTC stock opened at $109.50 on Friday. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -22.53 and a beta of 1.29. 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 firm has a 50-day simple moving average of $96.58 and a two-hundred day simple moving average of $81.65.

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.