Zacks Investment Research upgraded shares of IRHYTHM TECH (NASDAQ:IRTC) from a sell rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $58.00 price target on the stock.

According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “

Several other research analysts have also recently issued reports on IRTC. Morgan Stanley increased their price target on IRHYTHM TECH from $43.00 to $47.00 and gave the stock an overweight rating in a research note on Tuesday, June 6th. Canaccord Genuity reissued a buy rating and issued a $42.00 price target on shares of IRHYTHM TECH in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $44.40.

IRHYTHM TECH (NASDAQ IRTC) traded down 0.02% during midday trading on Wednesday, reaching $50.72. The company’s stock had a trading volume of 133,081 shares. The company’s market capitalization is $1.15 billion. IRHYTHM TECH has a 1-year low of $22.16 and a 1-year high of $52.43. The company’s 50-day moving average price is $50.22 and its 200-day moving average price is $50.22.

IRHYTHM TECH (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. IRHYTHM TECH had a negative return on equity of 57.23% and a negative net margin of 27.34%. The company had revenue of $23.85 million during the quarter, compared to analysts’ expectations of $22.10 million. The company’s revenue was up 51.6% on a year-over-year basis. On average, analysts predict that IRHYTHM TECH will post ($1.13) earnings per share for the current fiscal year.

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In other news, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total value of $1,713,689.63. Following the completion of the transaction, the director now owns 1,405 shares of the company’s stock, valued at $69,561.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David A. Vort sold 5,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $48.76, for a total value of $243,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 253,100 shares of company stock valued at $11,137,023. Company insiders own 23.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in IRTC. Legal & General Group Plc grew its stake in shares of IRHYTHM TECH by 131.0% in the second quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock worth $143,000 after purchasing an additional 1,913 shares in the last quarter. Nationwide Fund Advisors grew its stake in shares of IRHYTHM TECH by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after purchasing an additional 945 shares in the last quarter. American International Group Inc. bought a new position in shares of IRHYTHM TECH in the first quarter worth $161,000. First Mercantile Trust Co. bought a new position in shares of IRHYTHM TECH in the second quarter worth $221,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of IRHYTHM TECH in the second quarter worth $262,000. 93.25% of the stock is owned by institutional investors.

About IRHYTHM TECH

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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