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

iRhythm Technologies, Inc. (NASDAQ:IRTC) has received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $108.45.

Several equities analysts have recently issued reports on IRTC shares. The Goldman Sachs Group began coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 price target on the stock. Needham & Company LLC boosted their target price on iRhythm Technologies from $96.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial increased their target price on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Canaccord Genuity Group upped their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Oppenheimer raised their target price on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, January 8th.

iRhythm Technologies Stock Down 3.2 %

IRTC stock opened at $94.59 on Tuesday. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $124.11. The business has a 50-day simple moving average of $86.90 and a 200 day simple moving average of $80.36. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The company has a market cap of $2.96 billion, a PE ratio of -19.46 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The business’s revenue was up 18.4% on a year-over-year basis. During the same period last year, the company posted ($0.89) EPS. Sell-side analysts anticipate that iRhythm Technologies will post -3.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Abhijit Y. Talwalkar purchased 6,664 shares of the stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, for a total transaction of $500,866.24. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’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 completion of the transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. This trade represents a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp boosted its position in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after purchasing an additional 80,091 shares in the last quarter. State Street Corp boosted its holdings in shares of iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock worth $67,473,000 after buying an additional 11,992 shares in the last quarter. Braidwell LP grew its position in shares of iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after buying an additional 256,200 shares during the period. Eventide Asset Management LLC increased its stake in shares of iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after acquiring an additional 464,629 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after acquiring an additional 5,423 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.