iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $104.00

iRhythm Technologies (NASDAQ:IRTC) had its target price lifted by Wells Fargo & Company from $86.00 to $104.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts have also recently issued reports on IRTC. Needham & Company LLC upped their target price on shares of iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research report on Friday. Robert W. Baird reduced 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. Oppenheimer increased their price objective on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 8th. Truist Financial increased their price objective on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, Canaccord Genuity Group increased their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $115.55.

iRhythm Technologies Stock Up 6.1 %

Shares of NASDAQ IRTC opened at $119.58 on Friday. The firm’s 50-day moving average price is $101.77 and its 200-day moving average price is $83.79. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -32.85 and a beta of 1.29. iRhythm Technologies has a 12-month low of $55.92 and a 12-month high of $128.52.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. The firm had revenue of $164.33 million for the quarter, compared to analysts’ expectations of $158.30 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. On average, equities research analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity

In related news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at approximately $45,000. Van ECK Associates Corp raised its stake in shares of iRhythm Technologies by 41.3% in the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after acquiring an additional 162 shares during the period. Quarry LP purchased a new stake in shares of iRhythm Technologies in the 3rd quarter valued at approximately $59,000. Raiffeisen Bank International AG purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at approximately $60,000. Finally, Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 166.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after acquiring an additional 648 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.