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

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) have been assigned a consensus recommendation of “Buy” from the seven analysts that are currently covering the company, Marketbeat reports. Seven analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $134.00.

Several equities analysts have recently weighed in on IRTC shares. Canaccord Genuity Group lowered their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. decreased their target price on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Finally, Needham & Company LLC raised their target price on iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a report on Friday, May 3rd.

iRhythm Technologies Price Performance

NASDAQ:IRTC opened at $98.76 on Thursday. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -23.35 and a beta of 1.31. iRhythm Technologies has a 52-week low of $70.24 and a 52-week high of $132.92. The stock has a fifty day moving average of $110.75 and a 200 day moving average of $103.68. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). The business had revenue of $132.51 million for the quarter, compared to analysts’ expectations of $131.14 million. iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. On average, research analysts expect that iRhythm Technologies will post -3.14 EPS for the current fiscal year.

Insider Activity

In related news, EVP Daniel G. Wilson sold 1,261 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $153,791.56. Following the transaction, the executive vice president now directly owns 32,967 shares of the company’s stock, valued at approximately $4,020,655.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Daniel G. Wilson sold 1,261 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $153,791.56. Following the completion of the sale, the executive vice president now owns 32,967 shares in the company, valued at $4,020,655.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Quentin S. Blackford sold 24,701 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total transaction of $3,012,533.96. Following the completion of the transaction, the chief executive officer now directly owns 180,015 shares of the company’s stock, valued at approximately $21,954,629.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,052 shares of company stock worth $4,274,942. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Artisan Partners Limited Partnership boosted its holdings in shares of iRhythm Technologies by 22.5% in the third quarter. Artisan Partners Limited Partnership now owns 1,962,625 shares of the company’s stock worth $184,997,000 after buying an additional 359,908 shares during the period. Norges Bank acquired a new stake in shares of iRhythm Technologies during the fourth quarter worth approximately $26,522,000. Bank of New York Mellon Corp boosted its holdings in shares of iRhythm Technologies by 67.7% during the third quarter. Bank of New York Mellon Corp now owns 572,358 shares of the company’s stock worth $53,950,000 after purchasing an additional 231,077 shares during the period. Wellington Management Group LLP acquired a new stake in shares of iRhythm Technologies during the third quarter worth approximately $20,659,000. Finally, Capital Research Global Investors boosted its holdings in shares of iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the period.

About iRhythm Technologies

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.