iRhythm Technologies, Inc. (NASDAQ:IRTC) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $108.45.

A number of brokerages recently issued reports on IRTC. Needham & Company LLC lifted their target price on iRhythm Technologies from $96.00 to $112.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $86.00 price objective on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Canaccord Genuity Group increased 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. Robert W. Baird lowered their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th.

iRhythm Technologies Stock Performance

Shares of IRTC stock opened at $94.59 on Tuesday. 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 has a 52 week low of $55.92 and a 52 week high of $124.11. The company’s 50 day moving average price is $86.90 and its two-hundred day moving average price is $80.36. The company has a market capitalization of $2.96 billion, a P/E ratio of -19.46 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The company had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.89) earnings per share. On average, analysts expect that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Abhijit Y. Talwalkar purchased 6,664 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares in the company, valued at $1,423,605.56. The trade was a 54.28 % increase in their position. The disclosure for this purchase can be found here. 0.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. grew its stake in shares of iRhythm Technologies by 6.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock valued at $851,000 after acquiring an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in iRhythm Technologies by 22.3% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after purchasing an additional 567 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of iRhythm Technologies by 27.3% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after purchasing an additional 754 shares in the last quarter. Quarry LP bought a new position in shares of iRhythm Technologies during the third quarter worth approximately $59,000. Finally, Assetmark Inc. raised its position in shares of iRhythm Technologies by 8.0% in the third quarter. Assetmark Inc. now owns 12,645 shares of the company’s stock valued at $939,000 after buying an additional 937 shares in the last quarter.

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.