Irhythm Tech (NASDAQ:IRTC) has been assigned an average broker rating score of 1.00 (Strong Buy) from the four brokers that provide coverage for the company, Zacks Investment Research reports. Four investment analysts have rated the stock with a strong buy recommendation. Irhythm Tech’s rating score has improved by 11.5% in the last three months as a result of a number of analysts’ ratings changes.

Brokers have set a 12-month consensus price objective of $40.75 for the company and are forecasting that the company will post ($0.34) earnings per share for the current quarter, according to Zacks. Zacks has also given Irhythm Tech an industry rank of 182 out of 265 based on the ratings given to related companies.

IRTC has been the subject of a number of research analyst reports. Canaccord Genuity restated a “buy” rating and issued a $42.00 target price on shares of Irhythm Tech in a report on Monday, May 15th. Zacks Investment Research upgraded Irhythm Tech from a “sell” rating to a “hold” rating in a report on Monday, July 31st. 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 report on Tuesday, June 6th.

In other news, Director Raymond W. Scott sold 52,903 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $43.59, for a total value of $2,306,041.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vijay K. Lathi sold 430,624 shares of the stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $37.59, for a total value of $16,187,156.16. The disclosure for this sale can be found here. Insiders sold 968,613 shares of company stock valued at $37,277,615 in the last 90 days. Corporate insiders own 23.30% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its stake in Irhythm Tech by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after buying an additional 1,913 shares during the last quarter. Nationwide Fund Advisors raised its stake in shares of Irhythm Tech by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after buying an additional 945 shares in the last quarter. American International Group Inc. purchased a new stake in shares of Irhythm Tech during the first quarter valued at about $161,000. First Mercantile Trust Co. purchased a new stake in shares of Irhythm Tech during the second quarter valued at about $221,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Irhythm Tech during the second quarter valued at about $262,000. Institutional investors own 64.55% of the company’s stock.

Irhythm Tech (NASDAQ IRTC) traded up 1.89% during mid-day trading on Friday, hitting $44.68. The company had a trading volume of 169,720 shares. The company has a 50-day moving average price of $42.63 and a 200 day moving average price of $37.77. Irhythm Tech has a 52-week low of $22.16 and a 52-week high of $45.98. The company’s market capitalization is $1.02 billion.

Irhythm Tech (NASDAQ:IRTC) last released its earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million during the quarter, compared to analyst estimates of $22.10 million. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. The company’s revenue was up 51.6% compared to the same quarter last year. On average, analysts forecast that Irhythm Tech will post ($1.13) EPS for the current fiscal year.

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About Irhythm Tech

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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