Brokerages Set iRhythm Technologies, Inc. (NASDAQ:IRTC) Target Price at $108.50

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been assigned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $108.50.

Several brokerages have recently issued reports on IRTC. The Goldman Sachs Group assumed coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. Canaccord Genuity Group upped their price target on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer reduced their price objective on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Citigroup dropped their target price 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. Finally, Truist Financial lifted their price target 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.

Insider Activity

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar acquired 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 purchase, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were 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 approximately $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Eventide Asset Management LLC boosted its stake in iRhythm Technologies by 170.8% during 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 during the last quarter. Braidwell LP lifted its position in shares of iRhythm Technologies by 48.7% during the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after purchasing an additional 256,200 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in iRhythm Technologies by 38.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock worth $52,501,000 after purchasing an additional 195,246 shares in the last quarter. Mackenzie Financial Corp increased its holdings in iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after buying an additional 80,091 shares during the last quarter. Finally, Fred Alger Management LLC raised its stake in iRhythm Technologies by 24.4% during the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock valued at $23,320,000 after buying an additional 61,696 shares in the last quarter.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $86.96 on Monday. The business’s 50-day moving average price is $74.17 and its 200 day moving average price is $81.71. 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 has a twelve month low of $55.92 and a twelve month high of $124.11. The company has a market capitalization of $2.72 billion, a PE ratio of -17.89 and a beta of 1.23.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) earnings per share 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 company had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. During the same quarter in the previous year, the company earned ($0.89) earnings per share. The company’s revenue was up 18.4% on a year-over-year basis. On average, research analysts predict that iRhythm Technologies will post -3.44 earnings per share for the current year.

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.