iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $104.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by Wells Fargo & Company from $86.00 to $104.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential downside of 11.94% from the company’s previous close.

A number of other brokerages have also commented on IRTC. Truist Financial boosted their price objective on iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Needham & Company LLC boosted their price objective on iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Canaccord Genuity Group boosted their target price on iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Oppenheimer boosted their target price on iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $112.45.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $118.11 on Friday. 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 business has a 50-day simple moving average of $101.11 and a 200 day simple moving average of $83.27. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -24.49 and a beta of 1.29. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. The firm had revenue of $164.33 million during the quarter, compared to analyst estimates of $158.30 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. On average, research analysts anticipate that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently made changes to their positions in IRTC. Van ECK Associates Corp grew its position in shares of iRhythm Technologies by 41.3% in the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock valued at $50,000 after purchasing an additional 162 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in iRhythm Technologies by 5.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,289 shares of the company’s stock valued at $297,000 after buying an additional 184 shares in the last quarter. Invesco Ltd. grew its holdings in iRhythm Technologies by 1.1% during the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company’s stock valued at $1,731,000 after buying an additional 207 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in iRhythm Technologies by 6.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,271 shares of the company’s stock valued at $295,000 after buying an additional 210 shares in the last quarter. Finally, KBC Group NV grew its holdings in iRhythm Technologies by 45.1% during the 4th quarter. KBC Group NV now owns 1,319 shares of the company’s stock valued at $119,000 after buying an additional 410 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.