iRhythm Technologies (NASDAQ:IRTC) Receives $157.30 Average Target Price from Brokerages

Key Points

• iRhythm Technologies (NASDAQ: IRTC) has received a consensus recommendation of "Moderate Buy" from ten research firms, with an average 12-month price objective of $157.30.
• The company's stock has recently traded up 17.7%, reaching prices around $164.97, following positive quarterly earnings results that surpassed analyst expectations.
• Several analysts have adjusted their price targets for iRhythm Technologies, with JPMorgan Chase raising their target from $145.00 to $190.00, indicating growing confidence in the company's outlook.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has earned an average recommendation of "Buy" from the eleven analysts that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $157.30.

A number of analysts have recently weighed in on the stock. Robert W. Baird upped their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen downgraded shares of iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Wells Fargo & Company upped their target price on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their target price on shares of iRhythm Technologies from $145.00 to $190.00 and gave the stock an "overweight" rating in a report on Friday.

iRhythm Technologies Stock Down 3.3%

iRhythm Technologies stock traded down $5.50 during midday trading on Friday, hitting $159.49. 246,411 shares of the stock were exchanged, compared to its average volume of 474,196. The company has a 50 day moving average price of $143.12 and a two-hundred day moving average price of $123.07. The firm has a market cap of $5.12 billion, a P/E ratio of -54.44 and a beta of 1.41. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $168.32. The company has a debt-to-equity ratio of 6.25, a current ratio of 5.02 and a quick ratio of 4.88.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 90.03%. iRhythm Technologies's revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.61) EPS. On average, sell-side analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Activity

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the transaction, the executive vice president owned 41,393 shares of the company's stock, valued at approximately $6,018,956.13. The trade was a 3.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel G. Wilson sold 3,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $450,000.00. Following the completion of the transaction, the chief financial officer directly owned 40,307 shares of the company's stock, valued at $6,046,050. This represents a 6.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,356 shares of company stock valued at $796,882. 0.68% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

Institutional investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC bought a new position in shares of iRhythm Technologies in the 1st quarter worth $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in iRhythm Technologies in the 2nd quarter worth about $39,000. AlphaQuest LLC purchased a new position in iRhythm Technologies during the 1st quarter valued at about $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in iRhythm Technologies during the 1st quarter valued at about $50,000. Finally, CWM LLC grew its holdings in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock worth $54,000 after purchasing an additional 182 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.