iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $111.00

iRhythm Technologies (NASDAQ:IRTC) had its target price increased by research analysts at Truist Financial from $85.00 to $111.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 23.43% from the company’s current price.

Several other equities analysts have also recently weighed in on IRTC. 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. Citigroup lowered their price objective on shares of iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 22nd. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Robert W. Baird lowered their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, StockNews.com cut iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $109.27.

iRhythm Technologies Trading Down 1.7 %

Shares of IRTC stock traded down $1.52 during trading hours on Wednesday, reaching $89.93. 18,044 shares of the stock traded hands, compared to its average volume of 463,675. The company has a quick ratio of 6.12, a current ratio of 6.27 and a debt-to-equity ratio of 9.00. The firm has a market capitalization of $2.81 billion, a PE ratio of -18.50 and a beta of 1.26. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11. The business has a fifty day moving average price of $78.56 and a 200 day moving average price of $81.16.

iRhythm Technologies (NASDAQ:IRTC) last announced 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 for the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. iRhythm Technologies’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.89) earnings per share. On average, equities research analysts forecast that iRhythm Technologies will post -3.44 EPS for the current year.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar acquired 6,664 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $75.16 per share, with a total value of $500,866.24. Following the acquisition, the director now owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’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 transaction, the chief executive officer now owns 159,929 shares in the company, valued at $12,380,103.89. The trade was a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IRTC. Nisa Investment Advisors LLC lifted its position in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the period. Quarry LP acquired a new position in shares of iRhythm Technologies in the third quarter valued at $59,000. Wilmington Savings Fund Society FSB bought a new position in iRhythm Technologies in the third quarter worth $119,000. nVerses Capital LLC boosted its stake in iRhythm Technologies by 400.0% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after buying an additional 1,600 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of iRhythm Technologies in the 2nd quarter valued at $297,000.

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.