iRhythm Technologies, Inc. (NASDAQ:IRTC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been given a consensus rating of “Moderate Buy” by the eleven analysts that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $109.27.

A number of brokerages have recently weighed in on IRTC. Wells Fargo & Company reissued an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Needham & Company LLC cut their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Canaccord Genuity Group increased their price objective on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. The Goldman Sachs Group began coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. Finally, Robert W. Baird reduced their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its position in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after purchasing an additional 277 shares during the period. Arizona State Retirement System raised its holdings 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 valued at $938,000 after buying an additional 287 shares during the period. Oppenheimer Asset Management Inc. raised its holdings 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 valued at $851,000 after buying an additional 482 shares during the period. Bank Pictet & Cie Europe AG lifted its position in iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after acquiring an additional 567 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in iRhythm Technologies by 27.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after acquiring an additional 754 shares during the period.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $89.37 on Friday. The business has a 50 day moving average price of $80.99 and a 200 day moving average price of $81.12. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The company has a market capitalization of $2.80 billion, a P/E ratio of -18.39 and a beta of 1.26. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the prior year, the firm earned ($0.89) earnings per share. iRhythm Technologies’s quarterly revenue was up 18.4% on a year-over-year basis. Sell-side analysts expect that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

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.