iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $100.00 by Analysts at JPMorgan Chase & Co.

iRhythm Technologies (NASDAQ:IRTC) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $133.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 35.35% from the stock’s current price.

Other analysts also recently issued reports about the company. Robert W. Baird cut their target price on iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 target price for the company in a research note on Thursday, June 20th. Needham & Company LLC cut their target price on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley cut 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. Finally, Canaccord Genuity Group cut their price objective on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. 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.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average price target of $118.67.

iRhythm Technologies Price Performance

NASDAQ IRTC traded down $10.34 during mid-day trading on Friday, hitting $73.88. The stock had a trading volume of 1,772,322 shares, compared to its average volume of 418,690. The firm’s 50 day moving average is $95.52 and its 200 day moving average is $105.31. iRhythm Technologies has a twelve month low of $70.24 and a twelve month high of $124.11. The company has a debt-to-equity ratio of 7.13, a current ratio of 7.10 and a quick ratio of 6.95. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -17.47 and a beta of 1.25.

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

Insider Activity at iRhythm Technologies

In related news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 8,174 shares in the company, valued at approximately $726,750.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Marc W. Rosenbaum sold 510 shares of iRhythm Technologies stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the transaction, the chief marketing officer now owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. Insiders sold 3,045 shares of company stock worth $294,234 in the last three months. 0.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Headlands Technologies LLC lifted its stake in iRhythm Technologies by 10,650.0% during the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in iRhythm Technologies by 79.6% during the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after purchasing an additional 277 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in iRhythm Technologies during the fourth quarter worth approximately $92,000. SG Americas Securities LLC purchased a new stake in iRhythm Technologies during the first quarter worth approximately $126,000. Finally, Russell Investments Group Ltd. lifted its stake in iRhythm Technologies by 79,700.0% during the first quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares during 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.