iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $145.00

iRhythm Technologies (NASDAQ:IRTC) had its target price cut by analysts at Oppenheimer from $165.00 to $145.00 in a report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 90.26% from the stock’s current price.

Several other research analysts have also recently issued reports on the company. Morgan Stanley lowered their price objective on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Truist Financial reissued a “buy” rating and set a $117.00 price objective (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday. Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a report on Thursday, June 20th. Robert W. Baird cut their price target on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research note on Friday. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.33.

iRhythm Technologies Trading Down 9.5 %

NASDAQ IRTC traded down $8.01 during trading on Friday, hitting $76.21. The stock had a trading volume of 816,533 shares, compared to its average volume of 412,232. The firm has a 50 day moving average price of $95.52 and a 200 day moving average price of $105.31. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. 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 $2.37 billion, a PE ratio of -18.02 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.31. The business had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) earnings per share. As a group, equities research analysts forecast that iRhythm Technologies will post -3.22 earnings per share for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the company’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 $45,344.10. Following the completion of the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Sumi Shrishrimal sold 1,131 shares of the firm’s 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 sale, the executive vice president now directly owns 23,298 shares of the company’s stock, valued at approximately $2,071,425.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Marc W. Rosenbaum sold 510 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, 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. Insiders sold a total of 3,045 shares of company stock valued at $294,234 over the last three months. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Large investors have recently made changes to their positions in the stock. Artisan Partners Limited Partnership grew its position in iRhythm Technologies by 5.5% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after buying an additional 108,875 shares during the period. Sei Investments Co. grew its holdings in shares of iRhythm Technologies by 7.0% in the 1st quarter. Sei Investments Co. now owns 235,361 shares of the company’s stock worth $27,302,000 after acquiring an additional 15,381 shares during the period. Capital Research Global Investors increased its stake in iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after purchasing an additional 121,709 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in iRhythm Technologies during the first quarter worth $1,925,000. Finally, Capstone Investment Advisors LLC purchased a new stake in iRhythm Technologies during the first quarter worth $1,078,000.

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.