iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $152.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective lifted by Canaccord Genuity Group from $125.00 to $152.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Citigroup reduced their price objective on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, August 22nd. Wells Fargo & Company restated an “equal weight” rating and issued a $86.00 price objective on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Truist Financial boosted their target price on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.82.

iRhythm Technologies Stock Performance

IRTC opened at $89.93 on Monday. The stock’s 50 day simple moving average is $76.04 and its 200-day simple moving average is $81.11. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a market cap of $2.81 billion, a PE ratio of -18.50 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 announced its quarterly 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). 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 for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the prior year, the business earned ($0.89) EPS. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. Sell-side analysts forecast that iRhythm Technologies will post -3.44 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in iRhythm Technologies in the third quarter valued at approximately $59,000. Nisa Investment Advisors LLC increased its stake in shares of iRhythm Technologies by 79.6% in the 2nd 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 last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of iRhythm Technologies during the 3rd quarter worth $119,000. nVerses Capital LLC lifted its position in shares of iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after buying an additional 1,600 shares during the last quarter. Finally, SeaCrest Wealth Management LLC boosted its stake in iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares in the last quarter.

iRhythm Technologies Company Profile

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.