Zacks: Irhythm Tech (IRTC) Receives Consensus Recommendation of “Strong Buy” from Brokerages
Shares of Irhythm Tech (NASDAQ:IRTC) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the four analysts that cover the stock, Zacks Investment Research reports. Four investment analysts have rated the stock with a strong buy rating. Irhythm Tech’s rating score has improved by 11.5% from three months ago as a result of a number of analysts’ ratings changes.
Analysts have set a 12-month consensus price objective of $37.75 for the company and are expecting that the company will post ($0.31) earnings per share for the current quarter, according to Zacks. Zacks has also given Irhythm Tech an industry rank of 217 out of 265 based on the ratings given to its competitors.
Several brokerages have issued reports on IRTC. Zacks Investment Research cut Irhythm Tech from a “hold” rating to a “sell” rating in a research report on Monday, February 20th. Canaccord Genuity reaffirmed a “buy” rating and set a $40.00 target price on shares of Irhythm Tech in a research report on Monday, April 10th. Finally, Morgan Stanley increased their target price on Irhythm Tech from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Tuesday, June 6th.
In other news, Director Vijay K. Lathi sold 430,624 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $37.59, for a total value of $16,187,156.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vijay K. Lathi sold 645,000 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $34.70, for a total value of $22,381,500.00. The disclosure for this sale can be found here. Insiders sold a total of 1,425,624 shares of company stock valued at $51,669,156 in the last three months. Insiders own 23.30% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in Irhythm Tech by 15.2% in the first quarter. Wells Fargo & Company MN now owns 350,973 shares of the company’s stock worth $13,197,000 after buying an additional 46,349 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Irhythm Tech by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after buying an additional 945 shares during the last quarter. Columbus Circle Investors acquired a new stake in Irhythm Tech during the first quarter worth $714,000. Teachers Advisors LLC acquired a new stake in Irhythm Tech during the fourth quarter worth $373,000. Finally, UBS Asset Management Americas Inc. acquired a new stake in Irhythm Tech during the fourth quarter worth $741,000. 59.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Irhythm Tech (NASDAQ IRTC) traded up 2.63% during trading on Wednesday, hitting $39.03. The company had a trading volume of 533,800 shares. The firm’s 50 day moving average is $35.40 and its 200-day moving average is $33.67. The stock’s market capitalization is $867.56 million. Irhythm Tech has a 52 week low of $22.16 and a 52 week high of $40.48.
Irhythm Tech (NASDAQ:IRTC) last announced its earnings results on Wednesday, May 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.12. The company had revenue of $21.40 million for the quarter, compared to the consensus estimate of $19.13 million. The firm’s revenue was up 67.2% on a year-over-year basis. Equities research analysts anticipate that Irhythm Tech will post ($1.08) EPS for the current fiscal year.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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