Truist Financial Raises iRhythm Technologies (NASDAQ:IRTC) Price Target to $111.00

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price increased by equities researchers at Truist Financial from $85.00 to $111.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price target indicates a potential upside of 29.14% from the company's current price.

Several other analysts also recently commented on the stock. Citigroup decreased 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. 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. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They issued a "neutral" rating and a $78.00 target price for the company. StockNews.com cut iRhythm Technologies from a "hold" rating to a "sell" rating in a research note on Friday, September 27th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. One 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, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $109.27.

iRhythm Technologies Trading Down 6.0 %

NASDAQ IRTC traded down $5.50 on Wednesday, hitting $85.95. The company's stock had a trading volume of 400,954 shares, compared to its average volume of 465,274. The firm has a market cap of $2.69 billion, a P/E ratio of -17.69 and a beta of 1.26. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company's 50-day simple moving average is $79.10 and its 200 day simple moving average is $81.19. 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 (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter in the prior year, the firm earned ($0.89) earnings per share. The company's revenue for the quarter was up 18.4% compared to the same quarter last year. Research analysts predict that iRhythm Technologies will post -3.44 EPS for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, 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 transaction of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Abhijit Y. Talwalkar bought 6,664 shares of the company's stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $75.16 per share, with a total value of $500,866.24. Following the completion of the transaction, the director now owns 18,941 shares in the company, valued at $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Nisa Investment Advisors LLC grew its position in iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company's stock worth $67,000 after purchasing an additional 277 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of iRhythm Technologies by 3.4% in the second quarter. Arizona State Retirement System now owns 8,711 shares of the company's stock valued at $938,000 after purchasing an additional 287 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of iRhythm Technologies by 6.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company's stock worth $851,000 after purchasing an additional 482 shares during the period. Bank Pictet & Cie Europe AG increased its stake in iRhythm Technologies by 22.3% in 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 period. Finally, Hennion & Walsh Asset Management Inc. increased its position in iRhythm Technologies by 27.3% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company's stock worth $261,000 after buying an additional 754 shares in the last quarter.

iRhythm Technologies Company Profile

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.