iRhythm Technologies (NASDAQ:IRTC) Given Buy Rating at Truist Financial

Truist Financial reaffirmed their buy rating on shares of iRhythm Technologies (NASDAQ:IRTC) in a research report sent to investors on Friday, Benzinga reports. They currently have a $117.00 target price on the stock, down from their prior target price of $134.00.

Other analysts have also recently issued research reports about the company. Morgan Stanley lowered their price target 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. Needham & Company LLC lowered their price target on iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research report on Friday. Canaccord Genuity Group decreased their price objective on iRhythm Technologies from $133.00 to $122.00 and set a buy rating for the company in a report on Friday, May 3rd. Finally, Wolfe Research raised iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 price objective for the company in a report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Stock Up 3.8 %

IRTC stock traded up $2.69 on Friday, hitting $73.46. 468,800 shares of the company’s stock were exchanged, compared to its average volume of 422,175. iRhythm Technologies has a 12-month low of $65.54 and a 12-month high of $124.11. The firm has a 50 day moving average price of $94.86 and a two-hundred day moving average price of $104.70. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10. The stock has a market cap of $2.28 billion, a P/E ratio of -17.17 and a beta of 1.25.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. During the same quarter in the previous year, the firm posted ($0.61) EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. As a group, equities research analysts expect that iRhythm Technologies will post -3.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Chad Patterson sold 3,012 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other iRhythm Technologies news, EVP Sumi Shrishrimal sold 1,131 shares of the business’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 transaction of $100,557.21. Following the completion of the sale, the executive vice president now directly owns 23,298 shares in the company, valued at approximately $2,071,425.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Chad Patterson sold 3,012 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now owns 37,133 shares of the company’s stock, valued at $2,772,349.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,745 shares of company stock valued at $570,476. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the stock. Arizona State Retirement System grew its position in shares of iRhythm Technologies by 3.4% in the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after purchasing an additional 287 shares in the last quarter. Fiera Capital Corp grew its position in shares of iRhythm Technologies by 1.1% in the second quarter. Fiera Capital Corp now owns 393,197 shares of the company’s stock valued at $42,324,000 after purchasing an additional 4,284 shares in the last quarter. Rhumbline Advisers grew its position in shares of iRhythm Technologies by 5.1% in the second quarter. Rhumbline Advisers now owns 45,681 shares of the company’s stock valued at $4,917,000 after purchasing an additional 2,209 shares in the last quarter. Peregrine Capital Management LLC lifted its holdings in iRhythm Technologies by 18.5% in the second quarter. Peregrine Capital Management LLC now owns 81,552 shares of the company’s stock valued at $8,778,000 after acquiring an additional 12,706 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in iRhythm Technologies by 18.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,130 shares of the company’s stock valued at $767,000 after acquiring an additional 1,097 shares during the last quarter.

iRhythm Technologies Company Profile

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.