iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $170.00

Key Points

• Canaccord Genuity Group has increased the price target for iRhythm Technologies from $139.00 to $170.00, indicating a potential upside of approximately 2.96% from its current price.
• Despite the positive outlook from Canaccord, Wall Street Zen downgraded the stock from "hold" to "sell," while other analysts provided buy ratings with target prices ranging from $150.00 to $180.00.
• The company's recent quarterly earnings report showed a 26.1% year-over-year revenue increase to $186.69 million, surpassing analyst estimates significantly.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) had its target price increased by equities researchers at Canaccord Genuity Group from $139.00 to $170.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 2.96% from the stock's current price.

A number of other equities analysts also recently commented on IRTC. Wall Street Zen downgraded iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Needham & Company LLC upped their price objective on shares of iRhythm Technologies from $151.00 to $180.00 and gave the stock a "buy" rating in a report on Friday. Citigroup boosted their price target on shares of iRhythm Technologies from $130.00 to $167.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Wells Fargo & Company increased their price objective on iRhythm Technologies from $130.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Robert W. Baird upped their price target on shares of iRhythm Technologies from $133.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $148.30.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC traded up $24.94 during midday trading on Friday, hitting $165.12. The company had a trading volume of 868,638 shares, compared to its average volume of 465,529. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $168.07. The stock has a market cap of $5.27 billion, a price-to-earnings ratio of -52.40 and a beta of 1.41. The business's 50-day simple moving average is $142.23 and its 200-day simple moving average is $121.97. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. iRhythm Technologies had a negative net margin of 15.90% and a negative return on equity of 101.04%. The company had revenue of $186.69 million during the quarter, compared to the consensus estimate of $173.94 million. During the same quarter in the prior year, the firm earned ($0.61) EPS. iRhythm Technologies's quarterly revenue was up 26.1% on a year-over-year basis. On average, research analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other iRhythm Technologies news, insider Chad Patterson sold 936 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was 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 in the company, valued at approximately $7,339,350. This represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel G. Wilson sold 3,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $450,000.00. Following the completion of the transaction, the chief financial officer directly owned 40,307 shares in the company, valued at approximately $6,046,050. The trade was a 6.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 1.10% of the company's stock.

Institutional Trading of iRhythm Technologies

Hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its position in iRhythm Technologies by 1,793.7% during the first quarter. Principal Financial Group Inc. now owns 50,449 shares of the company's stock valued at $5,281,000 after purchasing an additional 47,785 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of iRhythm Technologies by 30,928.6% in the first quarter. GAMMA Investing LLC now owns 8,688 shares of the company's stock worth $909,000 after buying an additional 8,660 shares during the period. SG Americas Securities LLC grew its position in iRhythm Technologies by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 8,427 shares of the company's stock worth $882,000 after acquiring an additional 4,119 shares during the last quarter. Invesco Ltd. increased its stake in iRhythm Technologies by 1.1% in the 4th quarter. Invesco Ltd. now owns 19,200 shares of the company's stock worth $1,731,000 after purchasing an additional 207 shares during the period. Finally, Stephens Inc. AR purchased a new stake in shares of iRhythm Technologies during the first quarter valued at approximately $222,000.

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.

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