iRhythm Technologies (NASDAQ:IRTC) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• iRhythm Technologies has a consensus analyst rating of “Moderate Buy” from 15 brokerages, with most analysts rating it a buy or strong buy. The average 1-year price target is about $191.85.
• The company recently reported better-than-expected quarterly results, posting EPS of ($0.35) versus estimates of ($0.56) and revenue of $199.39 million, up 25.6% year over year.
• Shares were trading up 3.8% at $115.61, while recent insider activity showed executives selling shares and institutional investors, including Vanguard and UBS AM, increasing or maintaining sizable positions.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fifteen ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eleven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $191.8462.

IRTC has been the subject of a number of recent research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of iRhythm Technologies in a research note on Tuesday, April 21st. JPMorgan Chase & Co. decreased their target price on shares of iRhythm Technologies from $215.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, May 1st. Robert W. Baird lowered their price target on shares of iRhythm Technologies from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Friday, February 20th. Canaccord Genuity Group reduced their price objective on iRhythm Technologies from $198.00 to $180.00 and set a "buy" rating on the stock in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded iRhythm Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, May 3rd.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, EVP Mervin Smith sold 1,352 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $173,650.88. Following the transaction, the executive vice president owned 25,612 shares in the company, valued at $3,289,605.28. The trade was a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick Michael Murphy sold 4,357 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $559,613.08. Following the transaction, the insider owned 63,203 shares in the company, valued at $8,117,793.32. This trade represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,826 shares of company stock worth $2,289,620 in the last ninety days. Corporate insiders own 0.98% of the company's stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently added to or reduced their stakes in IRTC. Tudor Investment Corp ET AL bought a new stake in iRhythm Technologies in the third quarter worth about $3,439,800,000. Vanguard Group Inc. boosted its position in shares of iRhythm Technologies by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 3,310,519 shares of the company's stock valued at $587,418,000 after buying an additional 70,420 shares during the period. RTW Investments LP bought a new position in shares of iRhythm Technologies during the fourth quarter valued at approximately $209,732,000. Geode Capital Management LLC raised its holdings in shares of iRhythm Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 858,405 shares of the company's stock worth $152,337,000 after buying an additional 68,301 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of iRhythm Technologies by 45.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company's stock worth $147,251,000 after buying an additional 259,800 shares during the period.

iRhythm Technologies Trading Up 3.8%

Shares of iRhythm Technologies stock opened at $115.61 on Friday. iRhythm Technologies has a twelve month low of $108.81 and a twelve month high of $212.00. The company has a quick ratio of 4.98, a current ratio of 5.17 and a debt-to-equity ratio of 4.03. The business has a 50-day moving average price of $118.90 and a 200-day moving average price of $146.07. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -134.43 and a beta of 1.33.

iRhythm Technologies (NASDAQ:IRTC - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.21. The company had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm's revenue for the quarter was up 25.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.97) earnings per share. Equities research analysts anticipate that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

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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