iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $118.67 Average PT from Brokerages

iRhythm Technologies, Inc. (NASDAQ:IRTC) has earned a consensus rating of “Buy” from the nine analysts that are covering the company, MarketBeat reports. Nine research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $118.67.

A number of equities research analysts have issued reports on IRTC shares. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, August 30th. Truist Financial reiterated a “buy” rating and issued a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Morgan Stanley decreased their target price on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Needham & Company LLC dropped their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research note on Friday, August 2nd.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $71.51 on Wednesday. The stock has a market cap of $2.22 billion, a PE ratio of -16.91 and a beta of 1.22. iRhythm Technologies has a 1 year low of $60.88 and a 1 year high of $124.11. The firm has a fifty day moving average price of $78.60 and a 200-day moving average price of $94.51. The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly 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 during the quarter, compared to analyst estimates of $146.15 million. During the same quarter in the prior year, the business posted ($0.61) EPS. iRhythm Technologies’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 24,428 shares in the company, 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 other news, insider Chad Patterson sold 3,012 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the sale, the insider now directly owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.34, for a total transaction of $96,506.48. Following the completion of the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $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 over the last three months. 0.68% of the stock is owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of iRhythm Technologies by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after purchasing an additional 35,694 shares during the period. Capital Research Global Investors raised its position in iRhythm Technologies by 5.1% during the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after purchasing an additional 121,709 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of iRhythm Technologies by 5.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after buying an additional 108,875 shares during the period. Mackenzie Financial Corp grew its position in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after buying an additional 80,091 shares in the last quarter. Finally, Blair William & Co. IL increased its stake in shares of iRhythm Technologies by 3.5% during the first quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after buying an additional 27,842 shares during the period.

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.