iRhythm Technologies (NASDAQ:IRTC) Given Average Recommendation of "Moderate Buy" by Analysts

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.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the ten research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $157.30.

IRTC has been the subject of several recent research reports. Morgan Stanley decreased their price objective on iRhythm Technologies from $160.00 to $147.00 and set an "overweight" rating for the company in a report on Tuesday, July 15th. Needham & Company LLC boosted their price target on shares of iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of iRhythm Technologies from $145.00 to $190.00 and gave the company an "overweight" rating in a research note on Friday. Robert W. Baird raised their price objective on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company lifted their price objective on shares of iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Friday.

iRhythm Technologies Trading Up 17.7%

NASDAQ IRTC opened at $164.97 on Friday. The business's fifty day moving average is $142.68 and its 200-day moving average is $122.43. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of -56.30 and a beta of 1.41. iRhythm Technologies has a one year low of $55.92 and a one year high of $168.32.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 14.06% and a negative return on equity of 95.60%. The company had revenue of $186.69 million during the quarter, compared to analyst estimates of $173.94 million. During the same quarter last year, the business posted ($0.61) EPS. iRhythm Technologies's quarterly revenue was up 26.1% compared to the same quarter last year. Equities research analysts predict that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In other news, insider Chad Patterson sold 936 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total value of $140,400.00. Following the transaction, the insider owned 48,929 shares of the company's stock, valued at approximately $7,339,350. This represents a 1.88% 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, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total value of $206,482.20. Following the sale, the executive vice president owned 41,393 shares of the company's stock, valued at approximately $6,018,956.13. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,356 shares of company stock worth $796,882 in the last three months. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of iRhythm Technologies

Hedge funds have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of iRhythm Technologies by 169.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 903,084 shares of the company's stock valued at $94,535,000 after buying an additional 568,261 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in shares of iRhythm Technologies during the first quarter worth approximately $54,249,000. First Light Asset Management LLC purchased a new stake in shares of iRhythm Technologies in the 4th quarter valued at $38,818,000. Millennium Management LLC grew its holdings in shares of iRhythm Technologies by 563.8% during the 1st quarter. Millennium Management LLC now owns 399,746 shares of the company's stock valued at $41,845,000 after purchasing an additional 339,529 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of iRhythm Technologies by 111.7% in the fourth quarter. Bessemer Group Inc. now owns 568,007 shares of the company's stock worth $51,217,000 after buying an additional 299,726 shares during the period.

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.

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