Citigroup Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $214.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective lowered by Citigroup from $242.00 to $214.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a report on Monday, January 12th. Truist Financial reissued a “buy” rating and issued a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Wells Fargo & Company cut their target price on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Finally, Canaccord Genuity Group decreased their target price on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.46.

iRhythm Technologies Stock Down 1.5%

iRhythm Technologies stock opened at $113.00 on Wednesday. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -80.71 and a beta of 1.09. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00. 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 firm has a 50 day moving average price of $150.49 and a two-hundred day moving average price of $167.70.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. During the same period in the prior year, the firm posted ($0.04) EPS. The company’s quarterly revenue was up 27.1% on a year-over-year basis. Equities analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Chad Patterson sold 8,967 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,214,311.14. Following the completion of the sale, the insider owned 51,738 shares in the company, valued at $7,006,359.96. This represents a 14.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sumi Shrishrimal sold 6,217 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the completion of the sale, the executive vice president owned 39,182 shares of the company’s stock, valued at approximately $5,306,026.44. This represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 94,509 shares of company stock worth $12,734,195. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in IRTC. Root Financial Partners LLC purchased a new stake in iRhythm Technologies in the 3rd quarter valued at about $30,000. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its stake in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of iRhythm Technologies by 100.0% in the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after acquiring an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of iRhythm Technologies in the third quarter valued at approximately $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.