iRhythm Technologies (NASDAQ:IRTC) Price Target Lowered to $215.00 at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its target price reduced by Truist Financial from $230.00 to $215.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 24.95% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity Group increased their target price on iRhythm Technologies from $193.00 to $212.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Robert W. Baird upped their price objective on iRhythm Technologies from $180.00 to $220.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Loop Capital set a $220.00 price objective on iRhythm Technologies in a report on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group increased their price target on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.43.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC traded up $4.69 during midday trading on Thursday, hitting $172.07. 98,465 shares of the company’s stock were exchanged, compared to its average volume of 456,844. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The business’s fifty day moving average price is $177.82 and its two-hundred day moving average price is $164.50. The company has a market cap of $5.54 billion, a price-to-earnings ratio of -106.98 and a beta of 1.10. iRhythm Technologies has a 12-month low of $84.17 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, October 30th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.30. The business had revenue of $192.88 million during the quarter, compared to analyst estimates of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. iRhythm Technologies’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the previous year, the business posted ($1.26) earnings per share. As a group, research analysts forecast that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick Michael Murphy sold 2,478 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the sale, the insider directly owned 53,281 shares in the company, valued at $9,847,927.23. This represents a 4.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 280 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total transaction of $51,752.40. Following the sale, the insider directly owned 43,387 shares of the company’s stock, valued at $8,019,219.21. The trade was a 0.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 24,817 shares of company stock worth $4,741,235. Company insiders own 1.10% of the company’s stock.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new position in iRhythm Technologies during the 3rd quarter valued at $30,000. Root Financial Partners LLC purchased a new stake in shares of iRhythm Technologies in the 3rd quarter worth about $30,000. Smartleaf Asset Management LLC boosted its stake in shares of iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $34,000. Finally, Optiver Holding B.V. bought a new position in iRhythm Technologies in the third quarter worth about $35,000.

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.