iRhythm Technologies (NASDAQ:IRTC) Upgraded to Outperform at Wolfe Research

iRhythm Technologies (NASDAQ:IRTC) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat reports. The firm currently has a $115.00 target price on the stock. Wolfe Research’s price target would indicate a potential upside of 17.16% from the stock’s current price.

IRTC has been the topic of several other research reports. JPMorgan Chase & Co. lowered their target price on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Needham & Company LLC boosted their price objective on shares of iRhythm Technologies from $137.00 to $138.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Finally, Canaccord Genuity Group cut their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $131.22.

iRhythm Technologies Stock Performance

NASDAQ:IRTC opened at $98.16 on Thursday. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -23.21 and a beta of 1.24. iRhythm Technologies has a twelve month low of $70.24 and a twelve month high of $124.11. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. The company has a 50-day moving average of $100.07 and a 200-day moving average of $106.18.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, May 2nd. The company reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The firm had revenue of $131.93 million for the quarter, compared to analyst estimates of $128.87 million. Analysts forecast that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the sale, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sumi Shrishrimal sold 1,131 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $100,557.21. Following the transaction, the executive vice president now owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IRTC. Covestor Ltd boosted its stake in iRhythm Technologies by 285.2% during the third quarter. Covestor Ltd now owns 312 shares of the company’s stock worth $29,000 after acquiring an additional 231 shares in the last quarter. Headlands Technologies LLC increased its position in shares of iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after acquiring an additional 426 shares during the last quarter. International Assets Investment Management LLC bought a new stake in iRhythm Technologies during the fourth quarter worth $92,000. SG Americas Securities LLC purchased a new position in iRhythm Technologies in the first quarter worth $126,000. Finally, Quent Capital LLC bought a new position in iRhythm Technologies in the 4th quarter valued at $161,000.

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.