Irhythm Technologies (IRTC) Stock Rating Reaffirmed by Canaccord Genuity

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Irhythm Technologies (NASDAQ:IRTC)‘s stock had its “buy” rating reissued by stock analysts at Canaccord Genuity in a research report issued to clients and investors on Monday, March 12th, MarketBeat reports. They presently have a $80.00 price target on the stock, up from their prior price target of $68.00. Canaccord Genuity’s target price suggests a potential upside of 32.52% from the company’s current price.

IRTC has been the subject of several other research reports. BidaskClub lowered Irhythm Technologies from a “hold” rating to a “sell” rating in a report on Thursday, December 14th. BMO Capital Markets assumed coverage on Irhythm Technologies in a report on Monday, March 5th. They issued an “outperform” rating and a $76.00 price objective for the company. ValuEngine raised Irhythm Technologies from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Dougherty & Co assumed coverage on Irhythm Technologies in a report on Friday, December 1st. They issued a “neutral” rating for the company. Finally, JPMorgan Chase lifted their price objective on Irhythm Technologies from $62.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Irhythm Technologies currently has an average rating of “Hold” and a consensus target price of $69.29.

IRTC traded down $1.63 during trading hours on Monday, hitting $60.37. The stock had a trading volume of 155,308 shares, compared to its average volume of 215,233. Irhythm Technologies has a 1 year low of $32.10 and a 1 year high of $68.07. The firm has a market cap of $1,454.46, a P/E ratio of -46.44 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 5.64 and a current ratio of 5.72.

Irhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, February 14th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.13). Irhythm Technologies had a negative return on equity of 34.44% and a negative net margin of 29.87%. The firm had revenue of $28.20 million during the quarter, compared to analysts’ expectations of $26.79 million. During the same period last year, the business posted ($0.37) EPS. The company’s revenue was up 50.8% compared to the same quarter last year. research analysts predict that Irhythm Technologies will post -1.54 earnings per share for the current fiscal year.

In other Irhythm Technologies news, EVP David A. Vort sold 935 shares of Irhythm Technologies stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $67.01, for a total transaction of $62,654.35. Following the completion of the transaction, the executive vice president now owns 22,221 shares of the company’s stock, valued at approximately $1,489,029.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin M. King sold 60,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $64.52, for a total value of $3,871,200.00. Following the transaction, the insider now directly owns 201,842 shares of the company’s stock, valued at approximately $13,022,845.84. The disclosure for this sale can be found here. Insiders have sold a total of 352,452 shares of company stock valued at $22,613,610 in the last ninety days. Insiders own 23.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Inc. grew its holdings in shares of Irhythm Technologies by 763.9% during the third quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock worth $151,000 after purchasing an additional 2,582 shares in the last quarter. Shaker Investments LLC OH purchased a new position in shares of Irhythm Technologies during the fourth quarter worth about $263,000. Voya Investment Management LLC purchased a new position in shares of Irhythm Technologies during the second quarter worth about $274,000. Two Sigma Advisers LP purchased a new position in shares of Irhythm Technologies during the fourth quarter worth about $331,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Irhythm Technologies by 84.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,204 shares of the company’s stock worth $476,000 after purchasing an additional 5,124 shares in the last quarter. 98.59% of the stock is owned by institutional investors.

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About Irhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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