iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have earned a consensus rating of “Moderate Buy” from the eleven analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $108.45.

IRTC has been the subject of a number of research reports. Oppenheimer increased their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th. Truist Financial increased their price objective on iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. Canaccord Genuity Group increased their price target on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Robert W. Baird lowered their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $108.33 on Tuesday. The stock has a 50 day moving average of $88.22 and a 200 day moving average of $80.53. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -22.29 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released 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). The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.89) earnings per share. As a group, sell-side analysts forecast that iRhythm Technologies will post -3.35 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction dated 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 owns 159,929 shares in the company, valued at $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. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of iRhythm Technologies in the 3rd quarter worth $59,000. Nisa Investment Advisors LLC grew its position in iRhythm Technologies by 166.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock worth $94,000 after acquiring an additional 648 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in iRhythm Technologies in the third quarter valued at $119,000. nVerses Capital LLC raised its position in iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its stake 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 purchasing an additional 567 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.