Analysts Set iRhythm Technologies, Inc. (NASDAQ:IRTC) PT at $108.50

iRhythm Technologies, Inc. (NASDAQ:IRTC) has earned a consensus recommendation of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $108.50.

A number of equities analysts have weighed in on the stock. Robert W. Baird dropped their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Citigroup cut their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Truist Financial boosted their price objective on iRhythm Technologies from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group assumed coverage on iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price for the company. Finally, Needham & Company LLC lowered their price target on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a report on Thursday, October 31st.

Insider Buying and Selling at iRhythm Technologies

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 acquired at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now directly owns 18,941 shares of the company’s stock, valued at $1,423,605.56. This trade represents a 54.28 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of iRhythm Technologies stock in a transaction 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 directly 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. 0.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRTC. Mackenzie Financial Corp raised its position in iRhythm Technologies by 5.9% during the second 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 during the period. State Street Corp raised its holdings in iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock valued at $67,473,000 after buying an additional 11,992 shares during the period. Braidwell LP lifted its position in iRhythm Technologies by 48.7% in the third 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 last quarter. Eventide Asset Management LLC boosted its stake in iRhythm Technologies by 170.8% during the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after buying an additional 464,629 shares during the period. Finally, Geode Capital Management LLC increased its position in iRhythm Technologies by 0.7% during the third 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 last quarter.

iRhythm Technologies Trading Down 2.3 %

NASDAQ:IRTC opened at $86.96 on Monday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of -17.89 and a beta of 1.23. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The business has a fifty day moving average price of $74.17 and a 200-day moving average price of $81.45. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted 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 analysts’ expectations 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 quarterly revenue was up 18.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.89) earnings per share. Sell-side analysts forecast that iRhythm Technologies will post -3.44 EPS for the current year.

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.