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

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have been given an average recommendation of “Moderate Buy” by the ten brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $108.50.

A number of research firms recently weighed in on IRTC. Needham & Company LLC lowered their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Truist Financial lifted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Canaccord Genuity Group raised their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lowered 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.

iRhythm Technologies Stock Up 0.1 %

Shares of IRTC opened at $73.99 on Monday. The firm has a market cap of $2.32 billion, a P/E ratio of -15.22 and a beta of 1.23. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The stock’s 50 day moving average is $72.76 and its two-hundred day moving average is $81.93. 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 (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate 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 company had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. During the same period in the previous year, the firm posted ($0.89) EPS. iRhythm Technologies’s revenue was up 18.4% compared to the same quarter last year. Analysts predict that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 6,664 shares of iRhythm Technologies stock in a transaction that occurred on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the transaction, the director now directly owns 18,941 shares in the company, valued at $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $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. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Eventide Asset Management LLC raised its stake in iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares during the last quarter. Braidwell LP boosted its holdings in shares of iRhythm Technologies by 48.7% in the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after purchasing an additional 256,200 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of iRhythm Technologies by 38.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after purchasing an additional 195,246 shares during the period. Mackenzie Financial Corp increased its position in shares of 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 in the last quarter. Finally, Fred Alger Management LLC raised its position in iRhythm Technologies by 24.4% in the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock valued at $23,320,000 after purchasing an additional 61,696 shares during the period.

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.