iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $80.00

iRhythm Technologies (NASDAQ:IRTC) had its target price cut by investment analysts at Truist Financial from $117.00 to $80.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 33.05% from the company’s previous close.

A number of other research firms have also recently commented on IRTC. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Oppenheimer reduced their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Robert W. Baird reduced their price objective on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $112.40.

iRhythm Technologies Stock Up 3.8 %

IRTC stock opened at $60.13 on Monday. The business’s 50-day moving average price is $68.46 and its 200-day moving average price is $88.53. The stock has a market cap of $1.87 billion, a P/E ratio of -14.22 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 twelve month low of $55.92 and a twelve month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.28. The business had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.61) earnings per share. On average, equities research analysts forecast that iRhythm Technologies will post -2.66 EPS for the current year.

Insider Activity

In related news, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the transaction, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Chad Patterson sold 3,012 shares of the business’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 $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mervin Smith sold 688 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares in the company, valued at approximately $773,477.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,072 shares of company stock valued at $372,748. 0.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of iRhythm Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after buying an additional 35,694 shares in the last quarter. Mackenzie Financial Corp lifted its stake in iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after acquiring an additional 80,091 shares during the period. Blair William & Co. IL grew its holdings in iRhythm Technologies by 3.5% during the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock worth $96,620,000 after acquiring an additional 27,842 shares in the last quarter. Champlain Investment Partners LLC increased its position in iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock valued at $66,793,000 after purchasing an additional 293,710 shares during the period. Finally, Point72 Asset Management L.P. raised its holdings in shares of iRhythm Technologies by 12.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 536,202 shares of the company’s stock valued at $57,717,000 after purchasing an additional 58,668 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.