Canaccord Genuity Group Boosts iRhythm Technologies (NASDAQ:IRTC) Price Target to $152.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective raised by equities research analysts at Canaccord Genuity Group from $125.00 to $152.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 80.48% from the company’s previous close.

IRTC has been the subject of several other reports. Truist Financial boosted their price target on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Citigroup cut their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Robert W. Baird dropped their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. StockNews.com downgraded iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.82.

iRhythm Technologies Price Performance

IRTC stock traded down $0.96 during mid-day trading on Monday, hitting $84.22. 85,224 shares of the stock were exchanged, compared to its average volume of 469,089. The business has a fifty day moving average price of $75.57 and a 200 day moving average price of $81.17. iRhythm Technologies has a 12 month low of $55.92 and a 12 month high of $124.11. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -17.33 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.89) EPS. On average, sell-side analysts anticipate that iRhythm Technologies will post -3.44 EPS for the current year.

Insider Activity at iRhythm Technologies

In other news, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick Michael Murphy sold 2,492 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp increased its stake in shares of iRhythm Technologies by 5.9% during the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after buying an additional 80,091 shares during the period. State Street Corp grew its holdings in iRhythm Technologies by 1.3% during the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock worth $67,473,000 after acquiring an additional 11,992 shares in the last quarter. Braidwell LP increased its position in iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after purchasing an additional 256,200 shares during the period. Eventide Asset Management LLC raised its holdings in shares of iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of iRhythm Technologies by 0.7% during the third quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after purchasing an additional 5,423 shares in 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.