iRhythm Technologies (NASDAQ:IRTC) Given New $137.00 Price Target at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its price target increased by Canaccord Genuity Group from $122.00 to $137.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the company. StockNews.com raised iRhythm Technologies from a sell rating to a hold rating in a research note on Thursday, September 19th. Morgan Stanley decreased their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an overweight rating for the company in a report on Monday, July 15th. JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Robert W. Baird reduced their target price on iRhythm Technologies from $120.00 to $110.00 and set an outperform rating on the stock in a report on Friday, August 2nd. Finally, Truist Financial reissued a buy rating and issued a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $120.33.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $72.87 on Wednesday. The company’s fifty day simple moving average is $74.22 and its two-hundred day simple moving average is $92.61. iRhythm Technologies has a 12-month low of $60.88 and a 12-month high of $124.11. The firm has a market cap of $2.27 billion, a PE ratio of -17.23 and a beta of 1.22. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. During the same period last year, the firm earned ($0.61) earnings per share. iRhythm Technologies’s quarterly revenue was up 19.3% on a year-over-year basis. As a group, equities analysts expect that iRhythm Technologies will post -2.66 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other news, CFO Brice Bobzien sold 1,372 shares of the firm’s stock in a transaction on 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 $1,718,265.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Mervin Smith sold 688 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the transaction, the executive vice president now owns 10,360 shares of the company’s stock, valued at $773,477.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,476 shares of company stock valued at $521,081. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds have recently bought and sold shares of IRTC. Principal Financial Group Inc. lifted its position in iRhythm Technologies by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 7,208 shares of the company’s stock valued at $772,000 after purchasing an additional 113 shares during the period. Norges Bank bought a new stake in iRhythm Technologies in the 4th quarter worth approximately $26,522,000. Evoke Wealth LLC purchased a new stake in iRhythm Technologies during the 4th quarter valued at $1,419,000. Eagle Asset Management Inc. lifted its holdings in shares of iRhythm Technologies by 5.1% during the 4th quarter. Eagle Asset Management Inc. now owns 84,570 shares of the company’s stock valued at $9,052,000 after buying an additional 4,102 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of iRhythm Technologies by 74.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 177,094 shares of the company’s stock worth $18,956,000 after buying an additional 75,811 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.