iRhythm Technologies (NASDAQ:IRTC) PT Raised to $137.00 at Canaccord Genuity Group

iRhythm Technologies (NASDAQ:IRTC) had its target price boosted by investment analysts at Canaccord Genuity Group from $122.00 to $137.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 89.30% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on IRTC. Morgan Stanley decreased their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Citigroup decreased their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. Oppenheimer decreased their price target on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price target on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, Needham & Company LLC decreased their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $120.33.

iRhythm Technologies Stock Performance

NASDAQ IRTC traded up $2.07 during trading on Wednesday, hitting $72.37. 82,088 shares of the company’s stock traded hands, compared to its average volume of 438,808. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -17.15 and a beta of 1.22. iRhythm Technologies has a 12-month low of $60.88 and a 12-month high of $124.11. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The business has a 50 day moving average of $75.85 and a 200-day moving average of $93.14.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.28. The business had revenue of $148.05 million for the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.61) earnings per share. As a group, equities research analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of the firm’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 transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at $2,879,490.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,476 shares of company stock valued at $521,081. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning purchased a new position in iRhythm Technologies in the second quarter worth about $385,000. Ascent Group LLC lifted its holdings in iRhythm Technologies by 33.4% in the 2nd quarter. Ascent Group LLC now owns 5,310 shares of the company’s stock worth $572,000 after purchasing an additional 1,330 shares in the last quarter. Cim Investment Management Inc. lifted its holdings in iRhythm Technologies by 23.2% in the 2nd quarter. Cim Investment Management Inc. now owns 5,834 shares of the company’s stock worth $628,000 after purchasing an additional 1,099 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in iRhythm Technologies in the 2nd quarter worth approximately $2,071,000. Finally, Mackenzie Financial Corp lifted its holdings in iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after purchasing an additional 80,091 shares in the last quarter.

iRhythm Technologies Company Profile

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.