iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives Consensus Rating of “Buy” from Brokerages

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been given a consensus rating of “Buy” by the nine analysts that are covering the company, MarketBeat reports. Nine analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $118.67.

Several equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. Wolfe Research upgraded iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a research report on Thursday, June 20th. Truist Financial reiterated a “buy” rating and issued a $117.00 target price (down from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Citigroup lowered their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Finally, Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd.

iRhythm Technologies Trading Up 3.5 %

Shares of IRTC stock opened at $72.41 on Wednesday. The stock has a 50 day simple moving average of $80.85 and a 200 day simple moving average of $95.99. iRhythm Technologies has a 1 year low of $60.88 and a 1 year high of $124.11. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The stock has a market cap of $2.26 billion, a P/E ratio of -17.12 and a beta of 1.22.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies’s revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.61) EPS. On average, research analysts predict that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now owns 27,255 shares in the company, valued at approximately $2,879,490.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Mervin Smith sold 688 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the transaction, the executive vice president now directly owns 10,360 shares of the company’s stock, valued at $773,477.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CMO Minang Turakhia sold 1,404 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. In the last three months, insiders sold 6,476 shares of company stock valued at $521,081. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC raised its stake in iRhythm Technologies by 10,650.0% in the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock valued at $50,000 after acquiring an additional 426 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after buying an additional 277 shares during the last quarter. SG Americas Securities LLC bought a new stake in iRhythm Technologies during the first quarter worth about $126,000. Russell Investments Group Ltd. boosted its holdings in shares of iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter. Finally, SeaCrest Wealth Management LLC raised its holdings in shares of iRhythm Technologies by 7.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after buying an additional 150 shares in the last quarter.

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.