Irhythm Tech (NASDAQ:IRTC) had its price objective boosted by investment analysts at Morgan Stanley from $50.00 to $65.00 in a research report issued on Friday, November 3rd. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 13.64% from the stock’s current price.
IRTC has been the topic of several other research reports. Zacks Investment Research raised Irhythm Tech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 30th. Canaccord Genuity increased their target price on Irhythm Tech from $55.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, November 2nd. Finally, ValuEngine raised Irhythm Tech from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Irhythm Tech currently has an average rating of “Hold” and a consensus target price of $60.67.
Irhythm Tech (IRTC) traded up $0.33 during midday trading on Friday, hitting $57.20. The stock had a trading volume of 156,472 shares, compared to its average volume of 265,617. The company has a debt-to-equity ratio of 0.38, a current ratio of 7.65 and a quick ratio of 7.57. Irhythm Tech has a fifty-two week low of $24.25 and a fifty-two week high of $57.70.
Irhythm Tech (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. Irhythm Tech had a negative return on equity of 27.67% and a negative net margin of 27.56%. The business had revenue of $25.04 million during the quarter, compared to analysts’ expectations of $24.30 million. During the same period in the prior year, the business posted ($2.80) EPS. The company’s revenue was up 49.2% compared to the same quarter last year. equities analysts expect that Irhythm Tech will post -1.17 earnings per share for the current year.
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In other Irhythm Tech news, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the sale, the director now owns 1,405 shares of the company’s stock, valued at approximately $69,561.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vijay K. Lathi sold 225,000 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $52.10, for a total value of $11,722,500.00. The disclosure for this sale can be found here. Insiders sold a total of 350,111 shares of company stock worth $17,980,565 in the last ninety days. 23.30% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of IRTC. Nationwide Fund Advisors raised its position in shares of Irhythm Tech by 30.2% during the 1st quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after acquiring an additional 945 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Irhythm Tech by 20.9% during the 1st quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock worth $814,000 after acquiring an additional 3,743 shares in the last quarter. American International Group Inc. acquired a new stake in shares of Irhythm Tech during the 1st quarter worth about $161,000. Teachers Advisors LLC raised its position in shares of Irhythm Tech by 400.8% during the 1st quarter. Teachers Advisors LLC now owns 62,281 shares of the company’s stock worth $2,342,000 after acquiring an additional 49,845 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in shares of Irhythm Tech by 259.6% during the 1st quarter. TIAA CREF Investment Management LLC now owns 63,152 shares of the company’s stock worth $2,375,000 after acquiring an additional 45,588 shares in the last quarter. 97.00% of the stock is currently owned by institutional investors and hedge funds.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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