Canaccord Genuity Reiterates Buy Rating for Irhythm Tech (IRTC)
Irhythm Tech (NASDAQ:IRTC)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity in a research report issued to clients and investors on Tuesday. They currently have a $59.00 price objective on the stock. Canaccord Genuity’s price objective would indicate a potential upside of 22.08% from the company’s previous close.
The analysts wrote, “We expect these data, assuming the read-out of the full study data follows suit (which we expect), will build IRTC’s case with payers, paving the way ultimately for prospective screening with Zio in a brand new, 3- million-patient TAM. While not in our model at all, we think over time, payors will cover Zio for screening of high-risk patients defined by the mSToPs study. We reiterate our BUY rating and $59 price target.””
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Irhythm Tech from a “sell” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Wednesday, October 4th. ValuEngine upgraded Irhythm Tech from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Finally, Morgan Stanley increased their target price on Irhythm Tech from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, November 3rd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $48.80.
Irhythm Tech (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. Irhythm Tech had a negative return on equity of 27.33% and a negative net margin of 27.56%. The firm had revenue of $25.04 million during the quarter, compared to the consensus estimate of $24.30 million. During the same quarter in the prior year, the firm posted ($2.80) EPS. The business’s revenue was up 49.2% on a year-over-year basis. equities analysts forecast that Irhythm Tech will post -1.16 EPS for the current year.
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In other Irhythm Tech news, insider Kevin M. King sold 60,000 shares of Irhythm Tech stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $51.85, for a total value of $3,111,000.00. Following the completion of the sale, the insider now directly owns 103,042 shares in the company, valued at $5,342,727.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Raymond W. Scott sold 12,749 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $45.30, for a total value of $577,529.70. Following the completion of the sale, the director now directly owns 12,749 shares of the company’s stock, valued at approximately $577,529.70. The disclosure for this sale can be found here. Insiders sold 125,111 shares of company stock valued at $6,258,065 over the last quarter. Corporate insiders own 23.30% of the company’s stock.
A number of hedge funds have recently bought and sold shares of IRTC. Legal & General Group Plc raised its stake in shares of Irhythm Tech by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after buying an additional 1,913 shares during the period. Advisor Group Inc. raised its stake in shares of Irhythm Tech by 763.9% in the third quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock valued at $151,000 after buying an additional 2,582 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Irhythm Tech by 20.9% in the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock valued at $814,000 after buying an additional 3,743 shares during the period. Nationwide Fund Advisors raised its stake in shares of Irhythm Tech by 92.8% in the second quarter. Nationwide Fund Advisors now owns 7,843 shares of the company’s stock valued at $333,000 after buying an additional 3,774 shares during the period. Finally, EAM Investors LLC raised its stake in shares of Irhythm Tech by 19.7% in the second quarter. EAM Investors LLC now owns 24,942 shares of the company’s stock valued at $1,060,000 after buying an additional 4,106 shares during the period. 95.22% of the stock is currently owned by institutional investors and hedge funds.
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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