iRhythm Technologies (NASDAQ:IRTC) PT Lowered to $110.00 at Citigroup

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price dropped by stock analysts at Citigroup from $135.00 to $110.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 57.50% from the company's previous close.

A number of other analysts have also recently commented on IRTC. Needham & Company LLC dropped their price target on shares of iRhythm Technologies from $138.00 to $119.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $133.00 to $122.00 and set a "buy" rating on the stock in a research note on Friday, May 3rd. Robert W. Baird dropped their price target on shares of iRhythm Technologies from $120.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday, August 2nd. Wolfe Research upgraded shares of iRhythm Technologies from a "peer perform" rating to an "outperform" rating and set a $115.00 price target on the stock in a research note on Thursday, June 20th. Finally, StockNews.com upgraded shares of iRhythm Technologies from a "sell" rating to a "hold" rating in a research note on Friday, August 16th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $118.67.

iRhythm Technologies Stock Performance

IRTC traded down $0.83 during midday trading on Thursday, reaching $69.84. The company had a trading volume of 276,939 shares, compared to its average volume of 432,312. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10. The stock has a market cap of $2.17 billion, a PE ratio of -16.51 and a beta of 1.25. iRhythm Technologies has a 12-month low of $63.65 and a 12-month high of $124.11. The business has a 50-day moving average price of $89.17 and a two-hundred day moving average price of $100.44.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, beating analysts' consensus estimates of ($0.89) by $0.28. The firm had revenue of $148.05 million for the quarter, compared to analysts' expectations of $146.15 million. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 75.14%. The company's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.61) earnings per share. On average, sell-side analysts expect that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In other news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares of the company's stock, valued at approximately $726,750.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares of the company's stock, valued at approximately $726,750.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the transaction, the chief financial officer now directly owns 24,428 shares in the company, valued at approximately $1,718,265.52. The disclosure for this sale can be found here. Insiders have sold 8,117 shares of company stock valued at $666,982 in the last quarter. Insiders own 0.68% of the company's stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in iRhythm Technologies by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company's stock worth $320,418,000 after acquiring an additional 35,694 shares during the last quarter. Capital Research Global Investors grew its holdings in iRhythm Technologies by 5.1% in the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company's stock worth $267,132,000 after acquiring an additional 121,709 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in iRhythm Technologies by 5.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company's stock worth $221,733,000 after acquiring an additional 108,875 shares during the last quarter. Mackenzie Financial Corp grew its holdings in iRhythm Technologies by 5.9% in the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company's stock worth $153,745,000 after acquiring an additional 80,091 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in iRhythm Technologies by 3.5% in the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company's stock worth $96,620,000 after acquiring an additional 27,842 shares during 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.