iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

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 - Free Report) had its price objective raised by Canaccord Genuity Group from $139.00 to $170.00 in a research note released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently issued reports on IRTC. Robert W. Baird increased their target price on shares of iRhythm Technologies from $133.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Needham & Company LLC increased their price target on iRhythm Technologies from $151.00 to $180.00 and gave the company a "buy" rating in a research report on Friday. Wells Fargo & Company raised their price target on iRhythm Technologies from $130.00 to $180.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen cut iRhythm Technologies from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Finally, Morgan Stanley dropped 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, iRhythm Technologies has an average rating of "Moderate Buy" and a consensus price target of $157.30.

iRhythm Technologies Stock Down 2.8%

Shares of iRhythm Technologies stock traded down $4.63 during trading on Friday, hitting $160.36. 167,976 shares of the stock traded hands, compared to its average volume of 473,564. The company has a fifty day moving average price of $143.12 and a two-hundred day moving average price of $123.07. iRhythm Technologies has a twelve month low of $55.92 and a twelve month high of $168.32. The stock has a market cap of $5.15 billion, a P/E ratio of -54.76 and a beta of 1.41. The company has a debt-to-equity ratio of 6.25, a quick ratio of 4.88 and a current ratio of 5.02.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.53) by $0.21. The firm had revenue of $186.69 million during the quarter, compared to analysts' expectations 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 for the quarter was up 26.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.61) earnings per share. Equities research analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Minang Turakhia sold 1,420 shares of iRhythm Technologies stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $145.41, for a total transaction of $206,482.20. Following the transaction, the executive vice president directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel G. Wilson sold 3,000 shares of iRhythm Technologies stock in a transaction on Monday, June 23rd. The stock was 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 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 three months, insiders have sold 5,356 shares of company stock valued at $796,882. Corporate insiders own 0.68% of the company's stock.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MCF Advisors LLC purchased a new stake in shares of iRhythm Technologies in the 1st quarter worth approximately $25,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of iRhythm Technologies during the second quarter valued at approximately $39,000. AlphaQuest LLC purchased a new stake in shares of iRhythm Technologies during the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of iRhythm Technologies during the first quarter valued at $50,000. Finally, CWM LLC boosted its position in shares of iRhythm Technologies by 54.3% during the first quarter. CWM LLC now owns 517 shares of the company's stock valued at $54,000 after buying an additional 182 shares during the last quarter.

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.