Canaccord Genuity Group Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price target raised by analysts at Canaccord Genuity Group from $125.00 to $152.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 74.91% from the company’s current price.

Several other research analysts also recently commented on IRTC. Needham & Company LLC decreased their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Citigroup lowered their target price on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Finally, Robert W. Baird dropped their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. One 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 stock. Based on data from MarketBeat, iRhythm Technologies has an average rating of “Moderate Buy” and an average target price of $107.82.

iRhythm Technologies Price Performance

IRTC stock opened at $86.90 on Monday. The stock has a market cap of $2.72 billion, a PE ratio of -17.88 and a beta of 1.26. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The firm has a 50 day simple moving average of $75.74 and a two-hundred day simple moving average of $81.13.

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

Insiders Place Their Bets

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 16,145 shares of the company’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 value of $1,249,784.45. Following the completion of the transaction, the chief executive officer now directly owns 159,929 shares in the company, valued at $12,380,103.89. This represents a 9.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

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