iRhythm Technologies (NASDAQ:IRTC) Shares Up 5.9% on Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) traded up 5.9% during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $125.00 to $152.00. Canaccord Genuity Group currently has a buy rating on the stock. iRhythm Technologies traded as high as $87.80 and last traded at $87.67. 113,403 shares were traded during mid-day trading, a decline of 76% from the average session volume of 468,532 shares. The stock had previously closed at $82.79.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group started coverage on iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target on the stock. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Robert W. Baird lowered their price objective on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Needham & Company LLC cut their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Citigroup lowered their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $107.82.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of IRTC. Quarry LP bought a new position in shares of iRhythm Technologies during the 3rd quarter valued at about $59,000. Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in iRhythm Technologies during the third quarter valued at approximately $119,000. nVerses Capital LLC grew its holdings in iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after buying an additional 1,600 shares in the last quarter. Finally, SeaCrest Wealth Management LLC increased its stake in iRhythm Technologies by 7.6% in the 2nd 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.

iRhythm Technologies Stock Up 5.0 %

The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The firm has a market capitalization of $2.72 billion, a PE ratio of -17.88 and a beta of 1.26. The company has a fifty day moving average price of $75.74 and a 200-day moving average price of $81.13.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data 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 net margin of 26.90% and a negative return on equity of 120.86%. The business had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter last year, the business earned ($0.89) EPS. iRhythm Technologies’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, analysts expect that iRhythm Technologies, Inc. will post -3.44 earnings per share for the current year.

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.