Wells Fargo & Company Reiterates “Equal Weight” Rating for iRhythm Technologies (NASDAQ:IRTC)

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “equal weight” rating reissued by stock analysts at Wells Fargo & Company in a research report issued on Tuesday, Marketbeat.com reports. They presently have a $86.00 target price on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 2.16% from the company’s current price.

Several other brokerages have also issued reports on IRTC. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Truist Financial raised their price target on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 price target for the company. 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 report on Friday, November 1st. Finally, Needham & Company LLC dropped their target price on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $106.45.

iRhythm Technologies Price Performance

Shares of IRTC traded up $0.94 during trading hours on Tuesday, hitting $87.90. 392,285 shares of the company were exchanged, compared to its average volume of 488,053. The firm’s fifty day moving average is $74.53 and its 200 day moving average is $81.38. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $124.11. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -18.09 and a beta of 1.26. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results 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). The business had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.89) EPS. On average, equities analysts anticipate that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar bought 6,664 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were acquired at an average price of $75.16 per share, with a total value of $500,866.24. Following the completion of the acquisition, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $1,249,784.45. Following the completion of the transaction, the chief executive officer now owns 159,929 shares of the company’s stock, valued at $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. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp lifted its holdings in iRhythm Technologies by 5.9% during 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. State Street Corp raised its position in iRhythm Technologies by 1.3% during the third quarter. State Street Corp now owns 908,843 shares of the company’s stock valued at $67,473,000 after purchasing an additional 11,992 shares during the period. Braidwell LP increased its holdings in 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 purchasing an additional 256,200 shares during the period. Eventide Asset Management LLC boosted its position 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 in the last quarter. Finally, Geode Capital Management LLC lifted its position in iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $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.