iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $120.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by investment analysts at Oppenheimer from $105.00 to $120.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price objective would suggest a potential upside of 29.03% from the stock’s previous close.

Several other brokerages have also recently weighed in on IRTC. Truist Financial lifted their price target on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Needham & Company LLC reduced their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group initiated coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective on the stock. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Finally, Robert W. Baird decreased their target price 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 investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.00.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $93.00 on Wednesday. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -19.14 and a beta of 1.26. The business’s fifty day simple moving average is $86.18 and its two-hundred day simple moving average is $80.76. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data 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 company had revenue of $147.54 million for 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 firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.89) EPS. Research analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction on Monday, November 4th. The shares were 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 $12,380,103.89. This represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the stock in a transaction on Monday, December 2nd. The shares were 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 $3,034,236.03. This trade represents a 6.59 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

Hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in iRhythm Technologies in the third quarter worth about $59,000. Wilmington Savings Fund Society FSB purchased a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $119,000. nVerses Capital LLC boosted its holdings in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares during the period. Bank Pictet & Cie Europe AG increased its position in shares of iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after purchasing an additional 567 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in iRhythm Technologies during the 3rd quarter valued at $243,000.

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.