Analysts Set iRhythm Technologies (NASDAQ:IRTC) Price Target at $219.23

Shares of iRhythm Technologies (NASDAQ:IRTC) have been given an average rating of “Moderate Buy” by the fifteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eleven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $219.2308.

IRTC has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $244.00 price objective on shares of iRhythm Technologies in a research report on Monday, January 12th. BTIG Research boosted their target price on iRhythm Technologies from $195.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Canaccord Genuity Group increased their price target on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Loop Capital set a $220.00 price target on iRhythm Technologies in a research note on Friday, October 31st. Finally, Wells Fargo & Company upped their price objective on shares of iRhythm Technologies from $220.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $154.51 on Friday. iRhythm Technologies has a twelve month low of $92.52 and a twelve month high of $212.00. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The firm has a 50-day moving average of $173.31 and a two-hundred day moving average of $170.13. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -95.97 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The business had revenue of $192.88 million for the quarter, compared to the consensus estimate of $184.75 million. During the same period in the previous year, the firm earned ($1.26) EPS. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. As a group, analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, insider Chad Patterson sold 280 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the transaction, the insider owned 43,387 shares of the company’s stock, valued at approximately $8,019,219.21. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Patrick Michael Murphy sold 2,478 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the sale, the insider directly owned 53,281 shares in the company, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 16,817 shares of company stock worth $3,081,715. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC purchased a new position in iRhythm Technologies during the 3rd quarter valued at about $30,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies during the third quarter worth approximately $30,000. GAMMA Investing LLC grew its position in iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC grew its position in iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in iRhythm Technologies in the 3rd quarter valued at approximately $34,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.