iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of iRhythm Technologies (NASDAQ:IRTC) have received a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $187.3846.

Several research analysts have recently commented on IRTC shares. The Goldman Sachs Group decreased their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. Wells Fargo & Company dropped their price target on iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Bank of America reduced their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Needham & Company LLC lifted their price objective on shares of iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Citigroup boosted their target price on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, May 4th.

Insider Activity at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of iRhythm Technologies stock in a transaction on Monday, May 11th. The stock was purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the purchase, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Amundi grew its holdings in iRhythm Technologies by 48.4% during the first quarter. Amundi now owns 49,575 shares of the company’s stock worth $5,851,000 after acquiring an additional 16,165 shares during the period. California State Teachers Retirement System boosted its position in shares of iRhythm Technologies by 22.1% during the 1st quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock valued at $4,405,000 after purchasing an additional 6,763 shares in the last quarter. Rock Springs Capital Management LP boosted its position in shares of iRhythm Technologies by 11.4% during the 1st quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock valued at $30,892,000 after purchasing an additional 26,750 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of iRhythm Technologies by 99.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock worth $46,096,000 after purchasing an additional 194,502 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of iRhythm Technologies by 1,172.8% in the 1st quarter. Quantinno Capital Management LP now owns 18,621 shares of the company’s stock worth $2,198,000 after purchasing an additional 17,158 shares in the last quarter.

iRhythm Technologies Trading Up 0.0%

Shares of IRTC opened at $104.69 on Tuesday. iRhythm Technologies has a one year low of $100.85 and a one year high of $212.00. The stock has a 50-day moving average price of $115.68 and a 200 day moving average price of $137.82. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The company has a market capitalization of $3.44 billion, a P/E ratio of -121.73 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The company had revenue of $199.39 million during the quarter, compared to analyst estimates of $194.11 million. iRhythm Technologies had a negative net margin of 3.53% and a negative return on equity of 10.26%. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period last year, the business earned ($0.97) EPS. Sell-side analysts forecast that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.