iRhythm Technologies (NASDAQ:IRTC) Given New $170.00 Price Target at Truist Financial

Key Points

• Truist Financial cut its price target on iRhythm from $200 to $170 but kept a "buy" rating, implying roughly a 35.95% upside from the prior close.
• Strong quarterly beat but still unprofitable: iRhythm reported $0.29 EPS vs $0.02 expected and revenue of $208.9M (up 27.1% YoY), yet it posted negative net margin/ROE and analysts expect about -1.98 EPS for the current fiscal year.
• Analyst and insider signals: the consensus average price target is about $202.92 with most analysts rating the stock Buy/Moderate Buy, while insiders have sold roughly 94,509 shares (~$12.7M) over the past three months.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price dropped by analysts at Truist Financial from $200.00 to $170.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price would suggest a potential upside of 35.95% from the company's previous close.

Other analysts have also issued reports about the company. Citigroup decreased their target price on iRhythm Technologies from $242.00 to $214.00 and set a "buy" rating for the company in a research note on Wednesday, March 11th. Morgan Stanley reaffirmed an "overweight" rating on shares of iRhythm Technologies in a report on Monday, January 12th. JPMorgan Chase & Co. dropped their target price on shares of iRhythm Technologies from $240.00 to $215.00 and set an "overweight" rating on the stock in a report on Friday, February 20th. Wells Fargo & Company reduced their target price on iRhythm Technologies from $225.00 to $200.00 and set an "overweight" rating on the stock in a report on Friday, February 20th. Finally, Evercore raised shares of iRhythm Technologies from an "in-line" rating to an "outperform" rating and lifted their price target for the company from $194.00 to $210.00 in a research note on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $202.92.

iRhythm Technologies Trading Up 1.5%

Shares of NASDAQ IRTC traded up $1.82 during mid-day trading on Wednesday, hitting $125.05. The stock had a trading volume of 56,313 shares, compared to its average volume of 650,788. iRhythm Technologies has a 1 year low of $97.16 and a 1 year high of $212.00. The firm has a market cap of $4.04 billion, a P/E ratio of -89.32 and a beta of 1.18. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The business has a 50 day moving average price of $129.19 and a two-hundred day moving average price of $158.61.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 28.15% and a negative net margin of 5.96%.The firm's revenue was up 27.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) EPS. On average, equities analysts anticipate that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other news, EVP Mervin Smith sold 1,352 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the completion of the sale, the executive vice president directly owned 25,612 shares of the company's stock, valued at approximately $3,289,605.28. This represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patrick Michael Murphy sold 4,357 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $559,613.08. Following the sale, the insider directly owned 63,203 shares in the company, valued at approximately $8,117,793.32. The trade was a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 94,509 shares of company stock worth $12,734,195. Insiders own 0.68% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Royal Bank of Canada raised its position in shares of iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company's stock worth $793,000 after purchasing an additional 6,125 shares during the period. Goldman Sachs Group Inc. raised its position 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 last quarter. Strs Ohio bought a new stake in shares of iRhythm Technologies during the first quarter worth $147,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of iRhythm Technologies during the second quarter worth $1,278,000. Finally, First Trust Advisors LP grew its stake in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company's stock worth $8,652,000 after purchasing an additional 22,337 shares during the period.

iRhythm Technologies Company Profile

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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