iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives Average Rating of “Buy” from Analysts

iRhythm Technologies, Inc. (NASDAQ:IRTC) has been assigned an average recommendation of “Buy” from the eight brokerages that are covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $131.22.

Several equities research analysts have issued reports on IRTC shares. Canaccord Genuity Group dropped their price objective on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Wolfe Research raised shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Finally, Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $137.00 to $138.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd.

iRhythm Technologies Price Performance

Shares of IRTC stock opened at $98.61 on Friday. iRhythm Technologies has a twelve month low of $70.24 and a twelve month high of $124.11. The company has a market capitalization of $3.07 billion, a PE ratio of -23.31 and a beta of 1.24. The company has a current ratio of 7.10, a quick ratio of 6.95 and a debt-to-equity ratio of 7.13. The firm has a fifty day simple moving average of $98.80 and a 200-day simple moving average of $107.03.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). iRhythm Technologies had a negative net margin of 25.33% and a negative return on equity of 69.87%. The firm had revenue of $131.93 million during the quarter, compared to analysts’ expectations of $128.87 million. Equities research analysts anticipate that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 1,131 shares of iRhythm Technologies stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the transaction, the executive vice president now directly owns 23,298 shares in the company, valued at $2,071,425.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Sumi Shrishrimal sold 1,131 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $100,557.21. Following the completion of the transaction, the executive vice president now owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the sale, the chief accounting officer now directly owns 8,174 shares in the company, valued at approximately $726,750.34. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in iRhythm Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after acquiring an additional 35,694 shares during the period. Capital Research Global Investors lifted its holdings in iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the period. Artisan Partners Limited Partnership grew its position in iRhythm Technologies by 5.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock valued at $221,733,000 after buying an additional 108,875 shares in the last quarter. Blair William & Co. IL increased its stake in iRhythm Technologies by 3.5% during the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after buying an additional 27,842 shares during the period. Finally, Champlain Investment Partners LLC raised its position in shares of iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after buying an additional 293,710 shares in the last quarter.

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.