iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Truist Financial Analyst Says

iRhythm Technologies (NASDAQ:IRTC) had its target price upped by Truist Financial from $85.00 to $111.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the company. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Canaccord Genuity Group raised their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Citigroup lowered their target price 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. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. Finally, StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $109.27.

iRhythm Technologies Trading Up 3.1 %

NASDAQ IRTC opened at $90.39 on Wednesday. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $124.11. The firm has a 50 day moving average of $80.38 and a two-hundred day moving average of $81.28. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The stock has a market capitalization of $2.83 billion, a PE ratio of -18.60 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last issued its 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 firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same quarter in the previous year, the firm posted ($0.89) EPS. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. As a group, research analysts expect that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Activity

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the stock in a transaction dated Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following 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 ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. 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 worth $67,000 after acquiring an additional 277 shares in the last quarter. Arizona State Retirement System grew its stake 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 worth $938,000 after purchasing an additional 287 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of iRhythm Technologies by 6.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock valued at $851,000 after purchasing an additional 482 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in iRhythm Technologies by 22.3% during the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after buying an additional 567 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in iRhythm Technologies by 27.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after buying an additional 754 shares in 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.