iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

iRhythm Technologies (NASDAQ:IRTC) has been assigned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $209.4615.

IRTC has been the topic of a number of analyst reports. Freedom Capital raised shares of iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Truist Financial reissued a “buy” rating and set a $200.00 target price (down from $215.00) on shares of iRhythm Technologies in a research report on Friday, February 20th. Evercore upgraded shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and upped their price target for the company from $194.00 to $210.00 in a report on Monday, January 5th. Citigroup lowered their price target on iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Finally, JPMorgan Chase & Co. cut their price objective on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, February 20th.

Insider Transactions at iRhythm Technologies

In related news, EVP Sumi Shrishrimal sold 2,830 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $363,485.20. Following the completion of the transaction, the executive vice president directly owned 41,870 shares in the company, valued at approximately $5,377,782.80. This represents a 6.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Chad Patterson sold 4,444 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $570,787.36. Following the completion of the transaction, the insider directly owned 58,164 shares of the company’s stock, valued at approximately $7,470,584.16. This trade represents a 7.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over 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 Trading of iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. lifted its position in shares of iRhythm Technologies by 89.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after buying an additional 644 shares during the period. Corient Private Wealth LLC boosted its stake in iRhythm Technologies by 12.1% in the 4th quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock valued at $313,000 after buying an additional 191 shares in the last quarter. MidFirst Bank bought a new stake in iRhythm Technologies in the fourth quarter valued at $235,000. Fuller & Thaler Asset Management Inc. grew its position in iRhythm Technologies by 7.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock valued at $113,459,000 after acquiring an additional 44,175 shares during the period. Finally, XTX Topco Ltd acquired a new position in iRhythm Technologies during the fourth quarter worth $855,000.

iRhythm Technologies Price Performance

NASDAQ IRTC opened at $116.28 on Friday. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of -83.06 and a beta of 1.09. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The company has a 50 day simple moving average of $143.63 and a 200-day simple moving average of $165.82. iRhythm Technologies has a 52-week low of $92.52 and a 52-week high of $212.00.

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

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.