iRhythm Technologies, Inc. (NASDAQ:IRTC) Receives $109.27 Average PT from Brokerages

iRhythm Technologies, Inc. (NASDAQ:IRTC - Get Free Report) has received an average rating of "Moderate Buy" from the eleven ratings firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $109.27.

A number of research firms have recently commented on IRTC. Robert W. Baird dropped their price objective 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. Citigroup cut their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, August 22nd. Canaccord Genuity Group lifted their price objective on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a "neutral" rating and a $78.00 target price for the company. Finally, StockNews.com lowered shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a research report on Friday, September 27th.

iRhythm Technologies Price Performance

IRTC stock traded up $2.73 during trading on Friday, hitting $90.39. The company had a trading volume of 506,936 shares, compared to its average volume of 465,130. The business has a 50 day moving average of $79.71 and a 200 day moving average of $81.24. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -18.60 and a beta of 1.26. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. iRhythm Technologies has a fifty-two week low of $55.92 and a fifty-two week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same period in the prior year, the company posted ($0.89) earnings per share. The company's revenue was up 18.4% on a year-over-year basis. As a group, research analysts predict that iRhythm Technologies will post -3.44 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In related news, CEO Quentin S. Blackford sold 16,145 shares of the firm's stock in a transaction that occurred 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 directly owns 159,929 shares in the company, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average cost of $75.16 per share, for a total transaction of $500,866.24. Following the completion of the transaction, the director now directly owns 18,941 shares of the company's stock, valued at $1,423,605.56. This represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently modified their holdings of IRTC. Quarry LP acquired a new position in shares of iRhythm Technologies in the third quarter worth $59,000. Nisa Investment Advisors LLC grew its stake in iRhythm Technologies by 79.6% in the second quarter. Nisa Investment Advisors LLC now owns 625 shares of the company's stock valued at $67,000 after purchasing an additional 277 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in iRhythm Technologies in the 3rd quarter worth about $119,000. nVerses Capital LLC raised its stake in shares of iRhythm Technologies by 400.0% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company's stock worth $148,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its holdings in shares of iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company's stock valued at $231,000 after buying an additional 567 shares during 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.