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

Key Points

• "Moderate Buy" is the consensus from 15 analysts (1 sell, 1 hold, 11 buy, 2 strong buy) with an average 12‑month price target of about $209.46.
• iRhythm beat quarterly estimates ($0.29 EPS vs $0.02 est.; revenue $208.9M vs $202.6M) with revenue up 27.1% year‑over‑year, but the company still reports a negative net margin (‑5.96%) and negative ROE (‑28.15%).
• Insiders have been net sellers recently (94,509 shares worth ~$12.7M over 90 days), and the stock is trading around $120.49, well below the analyst average target and its 12‑month high of $212.00.

Shares of iRhythm Technologies (NASDAQ:IRTC - Get Free Report) have earned an average recommendation of "Moderate Buy" from the fifteen brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $209.4615.

Several research analysts recently commented on the stock. Wells Fargo & Company cut their price objective on shares of iRhythm Technologies from $225.00 to $200.00 and set an "overweight" rating for the company in a report on Friday, February 20th. Truist Financial reaffirmed a "buy" rating and issued a $200.00 price objective (down from $215.00) on shares of iRhythm Technologies in a report on Friday, February 20th. Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a "buy" rating for the company in a report on Friday, February 20th. Citigroup cut their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a "buy" rating for the company in a report on Wednesday, March 11th. Finally, Evercore raised shares of iRhythm Technologies from an "in-line" rating to an "outperform" rating and raised their price target for the company from $194.00 to $210.00 in a report on Monday, January 5th.

iRhythm Technologies Stock Up 1.6%

IRTC opened at $120.49 on Thursday. The company has a 50 day moving average of $132.06 and a 200 day moving average of $160.29. The company has a market cap of $3.89 billion, a PE ratio of -86.06 and a beta of 1.18. iRhythm Technologies has a 12 month low of $93.66 and a 12 month high of $212.00. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. The company had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. iRhythm Technologies's revenue for the quarter was up 27.1% on a year-over-year basis. During the same period last year, the firm earned ($0.04) EPS. On average, sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, insider Chad Patterson sold 8,967 shares of the firm's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,214,311.14. Following the completion of the transaction, the insider directly owned 51,738 shares of the company's stock, valued at $7,006,359.96. This trade represents a 14.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Michael Murphy sold 7,805 shares of the firm's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $1,056,953.10. Following the completion of the transaction, the insider directly owned 60,536 shares of the company's stock, valued at approximately $8,197,785.12. The trade was a 11.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 94,509 shares of company stock worth $12,734,195. 1.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IRTC. Royal Bank of Canada boosted its holdings in iRhythm Technologies by 423.0% in the 1st quarter. Royal Bank of Canada now owns 7,573 shares of the company's stock valued at $793,000 after purchasing an additional 6,125 shares during the period. Goldman Sachs Group Inc. boosted its holdings in iRhythm Technologies by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company's stock valued at $45,408,000 after purchasing an additional 108,941 shares during the period. Strs Ohio purchased a new stake in shares of iRhythm Technologies during the 1st quarter valued at $147,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of iRhythm Technologies during the 2nd quarter valued at $1,278,000. Finally, First Trust Advisors LP raised its position in shares of iRhythm Technologies by 66.0% during the 2nd quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock valued at $8,652,000 after buying an additional 22,337 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company's flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm's digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.

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