iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $214.00 by Analysts at Citigroup

iRhythm Technologies (NASDAQ:IRTC) had its target price lowered by investment analysts at Citigroup from $242.00 to $214.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 75.08% from the company’s current price.

A number of other equities research analysts have also issued reports on IRTC. Robert W. Baird cut their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. JPMorgan Chase & Co. lowered their price target on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Wells Fargo & Company decreased their price objective on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Finally, Truist Financial reissued a “buy” rating and issued a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average price target of $209.46.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock traded up $1.70 during trading hours on Wednesday, reaching $122.23. The company’s stock had a trading volume of 137,345 shares, compared to its average volume of 723,123. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The company’s 50 day simple moving average is $154.14 and its 200 day simple moving average is $168.79. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The stock has a market cap of $3.95 billion, a P/E ratio of -87.00 and a beta of 1.09.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. The business had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) EPS. As a group, analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 4,357 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $559,613.08. Following the completion of the transaction, the insider owned 63,203 shares in the company, valued at $8,117,793.32. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 4,444 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $570,787.36. Following the transaction, the insider owned 58,164 shares of the company’s stock, valued at approximately $7,470,584.16. The trade was a 7.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 94,509 shares of company stock valued at $12,734,195 over the last 90 days. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

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