iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Oppenheimer Analyst Says

iRhythm Technologies (NASDAQ:IRTC) had its price target increased by Oppenheimer from $105.00 to $120.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 29.03% from the stock’s previous close.

IRTC has been the topic of a number of other reports. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Wells Fargo & Company reissued an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Canaccord Genuity Group upped their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Needham & Company LLC cut their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $107.00.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $93.00 on Wednesday. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $124.11. The company has a market capitalization of $2.91 billion, a PE ratio of -19.14 and a beta of 1.26. The stock’s 50 day moving average price is $86.18 and its 200-day moving average price is $80.76. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the prior year, the firm posted ($0.89) earnings per share. The company’s revenue was up 18.4% on a year-over-year basis. On average, equities analysts anticipate that iRhythm Technologies will post -3.35 EPS for the current year.

Insider Activity

In other news, Director Abhijit Y. Talwalkar bought 6,664 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares of the company’s stock, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was 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 in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of IRTC. Mackenzie Financial Corp increased its stake in shares of iRhythm Technologies by 5.9% during the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after buying an additional 80,091 shares during the period. State Street Corp grew its holdings in shares of iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock worth $67,473,000 after acquiring an additional 11,992 shares during the period. Braidwell LP raised its position in shares of iRhythm Technologies by 48.7% in the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after acquiring an additional 256,200 shares in the last quarter. Eventide Asset Management LLC lifted its stake in shares of 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 period. Finally, Geode Capital Management LLC boosted its position in shares of iRhythm Technologies by 0.7% during the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after purchasing an additional 5,423 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.