Wells Fargo & Company Reaffirms “Equal Weight” Rating for iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “equal weight” rating reissued by analysts at Wells Fargo & Company in a report released on Tuesday, MarketBeat.com reports. They presently have a $86.00 price target on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 0.92% from the company’s current price.

Several other equities analysts have also weighed in on the stock. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Citigroup reduced their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Needham & Company LLC reduced their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Canaccord Genuity Group raised their price objective on shares of iRhythm Technologies from $122.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Truist Financial raised their price objective on shares of iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $106.45.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $86.80 on Tuesday. The firm has a 50-day moving average price of $75.12 and a 200 day moving average price of $81.35. The firm has a market capitalization of $2.72 billion, a PE ratio of -17.86 and a beta of 1.26. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The company had revenue of $147.54 million during the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.89) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This trade represents a 54.28 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several institutional investors have recently made changes to their positions in IRTC. Diversified Trust Co lifted its stake in iRhythm Technologies by 32.9% in the second quarter. Diversified Trust Co now owns 6,559 shares of the company’s stock valued at $706,000 after acquiring an additional 1,625 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in iRhythm Technologies by 361.1% in the second quarter. Assenagon Asset Management S.A. now owns 48,962 shares of the company’s stock valued at $5,270,000 after acquiring an additional 38,344 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in iRhythm Technologies in the second quarter valued at approximately $297,000. Nisa Investment Advisors LLC lifted its stake in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the last quarter. Finally, SeaCrest Wealth Management LLC lifted its stake in iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock valued at $229,000 after acquiring an additional 150 shares during 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.