iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

iRhythm Technologies (NASDAQ:IRTC) has been given a consensus recommendation of “Moderate Buy” by the sixteen brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $187.3846.

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group decreased their target price on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Truist Financial decreased their target price on iRhythm Technologies from $200.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. Finally, Weiss Ratings upgraded iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $118.89 on Tuesday. The stock has a 50-day simple moving average of $115.16 and a 200-day simple moving average of $136.26. The company has a debt-to-equity ratio of 4.03, a quick ratio of 4.98 and a current ratio of 5.17. The stock has a market capitalization of $3.91 billion, a PE ratio of -138.24 and a beta of 1.27. iRhythm Technologies has a 1 year low of $100.85 and a 1 year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.21. The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations 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 was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) earnings per share. On average, analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $10.71 per share, with a total value of $56,891.52. Following the completion of the transaction, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. This represents a 26.17% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after buying an additional 60 shares during the period. Ascent Group LLC increased its position in iRhythm Technologies by 0.7% during the fourth quarter. Ascent Group LLC now owns 9,587 shares of the company’s stock worth $1,701,000 after buying an additional 70 shares during the period. WoodTrust Financial Corp increased its position in iRhythm Technologies by 0.7% during the fourth quarter. WoodTrust Financial Corp now owns 10,070 shares of the company’s stock worth $1,787,000 after buying an additional 70 shares during the period. US Bancorp DE increased its position in iRhythm Technologies by 7.8% during the third quarter. US Bancorp DE now owns 1,042 shares of the company’s stock worth $179,000 after buying an additional 75 shares during the period. Finally, State of Wyoming increased its position in iRhythm Technologies by 16.0% during the fourth quarter. State of Wyoming now owns 616 shares of the company’s stock worth $109,000 after buying an additional 85 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.