Morgan Stanley Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its target price upped by analysts at Morgan Stanley from $195.00 to $205.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 12.00% from the stock’s current price.

Several other brokerages have also issued reports on IRTC. Citigroup lifted their price target on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. JPMorgan Chase & Co. lifted their target price on iRhythm Technologies from $190.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Robert W. Baird upped their target price on iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Bank of America assumed coverage on iRhythm Technologies in a research report on Wednesday, August 20th. They set a “buy” rating and a $200.00 price target for the company. Finally, Evercore ISI lowered their price target on iRhythm Technologies from $185.00 to $175.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.71.

iRhythm Technologies Stock Up 0.6%

Shares of iRhythm Technologies stock opened at $183.04 on Tuesday. The firm has a market cap of $5.90 billion, a PE ratio of -113.69 and a beta of 1.10. The business’s 50 day simple moving average is $178.05 and its 200 day simple moving average is $162.40. The company has a debt-to-equity ratio of 5.32, a quick ratio of 4.50 and a current ratio of 4.63. iRhythm Technologies has a 52-week low of $81.10 and a 52-week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The company had revenue of $192.88 million during the quarter, compared to analysts’ expectations of $184.75 million. During the same period last year, the business earned ($1.26) EPS. The business’s quarterly revenue was up 30.8% on a year-over-year basis. On average, analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 14,059 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $182.94, for a total value of $2,571,953.46. Following the transaction, the chief executive officer directly owned 164,979 shares in the company, valued at $30,181,258.26. The trade was a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick Michael Murphy sold 2,478 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the transaction, the insider directly owned 53,281 shares in the company, valued at $9,847,927.23. The trade was a 4.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,817 shares of company stock worth $4,741,235 in the last quarter. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of iRhythm Technologies by 169.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company’s stock valued at $94,535,000 after purchasing an additional 568,261 shares during the last quarter. Champlain Investment Partners LLC boosted its stake in iRhythm Technologies by 13.3% in the 1st quarter. Champlain Investment Partners LLC now owns 822,791 shares of the company’s stock valued at $86,130,000 after purchasing an additional 96,529 shares during the period. Geode Capital Management LLC grew its holdings in iRhythm Technologies by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 767,336 shares of the company’s stock valued at $118,154,000 after buying an additional 16,967 shares in the last quarter. Stephens Investment Management Group LLC increased its position in iRhythm Technologies by 6.2% during the 2nd quarter. Stephens Investment Management Group LLC now owns 552,916 shares of the company’s stock worth $85,127,000 after buying an additional 32,334 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in iRhythm Technologies by 6,415.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock worth $93,053,000 after buying an additional 532,735 shares during the period.

iRhythm Technologies Company Profile

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.