iRhythm Technologies (NASDAQ:IRTC) Coverage Initiated by Analysts at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a research report issued on Friday, Marketbeat reports. The brokerage set a “neutral” rating and a $78.00 price target on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 24.38% from the stock’s current price.

Several other analysts have also weighed in on IRTC. JPMorgan Chase & Co. reduced their price objective on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Morgan Stanley lowered their price objective on shares of iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Truist Financial restated 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. Finally, Citigroup lowered their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $116.10.

iRhythm Technologies Price Performance

IRTC stock opened at $62.71 on Friday. The company’s 50-day moving average price is $71.54 and its two-hundred day moving average price is $91.31. The firm has a market cap of $1.95 billion, a P/E ratio of -14.83 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 has a 12 month low of $60.88 and a 12 month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The business 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 posted ($0.61) earnings per share. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction 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 directly owns 10,360 shares of the company’s stock, valued at $773,477.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other iRhythm Technologies news, EVP Mervin Smith sold 688 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction that occurred 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 owns 24,428 shares in the company, valued at $1,718,265.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,072 shares of company stock worth $372,748. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake in iRhythm Technologies by 74.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 177,094 shares of the company’s stock worth $18,956,000 after purchasing an additional 75,811 shares during the period. First Light Asset Management LLC grew its position in shares of iRhythm Technologies by 72.7% during the 4th quarter. First Light Asset Management LLC now owns 152,063 shares of the company’s stock worth $16,277,000 after buying an additional 64,024 shares during the period. Cim Investment Management Inc. increased its stake in shares of iRhythm Technologies by 122.5% in the 4th quarter. Cim Investment Management Inc. now owns 4,735 shares of the company’s stock valued at $507,000 after acquiring an additional 2,607 shares in the last quarter. Kampmann Melissa S. lifted its position in shares of iRhythm Technologies by 3.3% during the 4th quarter. Kampmann Melissa S. now owns 23,140 shares of the company’s stock valued at $2,477,000 after acquiring an additional 750 shares during the period. Finally, Vanguard Group Inc. boosted its stake in iRhythm Technologies by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after acquiring an additional 35,694 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.