iRhythm Technologies (NASDAQ:IRTC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a report issued on Saturday.

IRTC has been the subject of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a research report on Monday, January 12th. JPMorgan Chase & Co. lowered their target price on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research note on Friday. Canaccord Genuity Group cut their price objective on iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a report on Friday. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Finally, The Goldman Sachs Group upped their price objective on shares of iRhythm Technologies from $180.00 to $202.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average target price of $211.62.

iRhythm Technologies Stock Performance

Shares of iRhythm Technologies stock opened at $141.22 on Friday. The company has a debt-to-equity ratio of 4.25, a quick ratio of 4.48 and a current ratio of 4.63. The company has a market capitalization of $4.56 billion, a PE ratio of -100.87 and a beta of 1.06. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The company has a 50-day simple moving average of $164.10 and a two-hundred day simple moving average of $171.34.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.iRhythm Technologies’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. Research analysts expect that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,478 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total value of $458,008.74. Following the completion of the sale, the insider directly owned 53,281 shares of the company’s stock, valued at $9,847,927.23. The trade was a 4.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chad Patterson sold 280 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the sale, the insider owned 43,387 shares of the company’s stock, valued at approximately $8,019,219.21. This represents a 0.64% decrease in their position. The SEC filing for this sale provides additional information. 0.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter valued at $30,000. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies in the 3rd quarter worth about $30,000. GAMMA Investing LLC raised its stake in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after acquiring an additional 60 shares during the period. Smartleaf Asset Management LLC lifted its holdings in iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in iRhythm Technologies during the third quarter worth about $34,000.

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.