Irhythm Tech (IRTC) PT Raised to $59.00 at Canaccord Genuity
Irhythm Tech (NASDAQ:IRTC) had its price objective raised by stock analysts at Canaccord Genuity from $55.00 to $59.00 in a report issued on Thursday. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s price objective would suggest a potential upside of 15.80% from the stock’s previous close.
IRTC has been the topic of several other research reports. Zacks Investment Research raised Irhythm Tech from a “sell” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Wednesday, October 4th. ValuEngine raised Irhythm Tech from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $45.20.
Irhythm Tech (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.05. The business had revenue of $25.04 million for the quarter, compared to the consensus estimate of $24.30 million. Irhythm Tech had a negative return on equity of 57.23% and a negative net margin of 27.34%. The business’s revenue was up 49.2% on a year-over-year basis. During the same quarter last year, the business posted ($2.80) EPS.
In related news, Director Vijay K. Lathi sold 34,613 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the sale, the director now directly owns 1,405 shares in the company, valued at approximately $69,561.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Raymond W. Scott sold 52,903 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.59, for a total value of $2,306,041.77. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,014 shares of company stock worth $5,453,106. 23.30% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nationwide Fund Advisors increased its position in Irhythm Tech by 30.2% in the 1st quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock valued at $153,000 after acquiring an additional 945 shares during the period. Legal & General Group Plc increased its position in Irhythm Tech by 131.0% in the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after acquiring an additional 1,913 shares during the period. Bank of New York Mellon Corp increased its position in Irhythm Tech by 20.9% in the 1st quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock valued at $814,000 after acquiring an additional 3,743 shares during the period. EAM Investors LLC increased its position in Irhythm Tech by 19.7% in the 2nd quarter. EAM Investors LLC now owns 24,942 shares of the company’s stock valued at $1,060,000 after acquiring an additional 4,106 shares during the period. Finally, American International Group Inc. acquired a new stake in Irhythm Tech in the 1st quarter valued at approximately $161,000. Hedge funds and other institutional investors own 94.20% of the company’s stock.
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.
Receive News & Ratings for Irhythm Tech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Tech and related companies with MarketBeat.com's FREE daily email newsletter.