Wells Fargo & Company Reiterates “Equal Weight” Rating for iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “equal weight” rating reissued by analysts at Wells Fargo & Company in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $86.00 price target on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 0.92% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC reduced their target price 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. StockNews.com cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. Truist Financial boosted their target price on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Citigroup cut their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $106.45.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $86.80 on Tuesday. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $124.11. The firm has a 50 day moving average price of $75.12 and a 200 day moving average price of $81.35. The company has a market cap of $2.72 billion, a price-to-earnings ratio of -17.86 and a beta of 1.26. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (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 business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the prior year, the firm earned ($0.89) earnings per share. iRhythm Technologies’s quarterly revenue was up 18.4% compared to the same quarter last year. Sell-side analysts predict that iRhythm Technologies will post -3.44 earnings per share for the current year.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction on Monday, November 4th. The shares were acquired at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This trade represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently modified their holdings of the company. SeaCrest Wealth Management LLC grew its position in shares of iRhythm Technologies by 7.6% during the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after acquiring an additional 150 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of iRhythm Technologies by 79.6% during 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 during the last quarter. Arizona State Retirement System grew its position in shares of iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock worth $938,000 after acquiring an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock worth $851,000 after acquiring an additional 482 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG grew its position in shares of 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 acquiring an additional 567 shares during 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.