iRhythm Technologies (NASDAQ:IRTC) Given Average Recommendation of “Moderate Buy” by Brokerages

iRhythm Technologies (NASDAQ:IRTC) has been given an average rating of “Moderate Buy” by the sixteen brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $186.6154.

A number of equities research analysts have issued reports on IRTC shares. The Goldman Sachs Group decreased their target price on shares of iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Truist Financial reduced their target price on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company cut their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Finally, Bank of America reduced their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th.

iRhythm Technologies Trading Down 3.9%

NASDAQ:IRTC opened at $110.88 on Friday. The business has a fifty day moving average of $114.28 and a 200-day moving average of $130.70. 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 stock has a market cap of $3.64 billion, a price-to-earnings ratio of -128.93 and a beta of 1.27. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00.

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

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the acquisition, the director directly owned 25,611 shares of the company’s stock, valued at approximately $274,293.81. This represents a 26.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.98% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of institutional investors have recently modified their holdings of the company. RTW Investments LP acquired a new stake in iRhythm Technologies in the fourth quarter valued at $209,732,000. Millennium Management LLC grew its position in shares of iRhythm Technologies by 197.4% during the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after buying an additional 548,519 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of iRhythm Technologies by 6,415.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares during the period. Polar Capital Holdings Plc boosted its holdings in iRhythm Technologies by 24,782.1% in the third quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock worth $57,773,000 after acquiring an additional 334,558 shares in the last quarter. Finally, Holocene Advisors LP grew its position in iRhythm Technologies by 2,023.1% in the 2nd quarter. Holocene Advisors LP now owns 313,094 shares of the company’s stock valued at $48,204,000 after purchasing an additional 298,347 shares during the period.

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.