Irhythm Tech’s (IRTC) Buy Rating Reaffirmed at Canaccord Genuity
Canaccord Genuity reissued their buy rating on shares of Irhythm Tech (NASDAQ:IRTC) in a research note published on Tuesday morning. Canaccord Genuity currently has a $59.00 price objective on the stock.
“We expect these data, assuming the read-out of the full study data follows suit (which we expect), will build IRTC’s case with payers, paving the way ultimately for prospective screening with Zio in a brand new, 3- million-patient TAM. While not in our model at all, we think over time, payors will cover Zio for screening of high-risk patients defined by the mSToPs study. We reiterate our BUY rating and $59 price target.”,” Canaccord Genuity’s analyst commented.
A number of other research analysts also recently commented on IRTC. Zacks Investment Research upgraded Irhythm Tech from a sell rating to a hold rating in a research report on Monday, July 31st. Morgan Stanley increased their target price on Irhythm Tech from $50.00 to $65.00 and gave the company an overweight rating in a research report on Friday, November 3rd. Finally, ValuEngine upgraded Irhythm Tech from a sell rating to a hold rating in a research report on Saturday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Irhythm Tech currently has a consensus rating of Hold and an average price target of $60.67.
Shares of Irhythm Tech (NASDAQ IRTC) traded up $2.24 on Tuesday, reaching $54.00. 315,773 shares of the company’s stock were exchanged, compared to its average volume of 266,237. The company has a quick ratio of 8.07, a current ratio of 8.15 and a debt-to-equity ratio of 0.36. Irhythm Tech has a twelve month low of $24.25 and a twelve month high of $54.01.
Irhythm Tech (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. Irhythm Tech had a negative net margin of 27.56% and a negative return on equity of 27.33%. The business had revenue of $25.04 million during the quarter, compared to analyst estimates of $24.30 million. During the same period last year, the firm posted ($2.80) EPS. The company’s revenue was up 49.2% on a year-over-year basis. analysts forecast that Irhythm Tech will post -1.16 earnings per share for the current fiscal year.
In other news, Director Vijay K. Lathi sold 34,613 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $49.51, for a total transaction of $1,713,689.63. Following the completion of the transaction, the director now directly owns 1,405 shares in the company, valued at approximately $69,561.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin M. King sold 60,000 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $51.85, for a total value of $3,111,000.00. Following the transaction, the insider now owns 103,042 shares of the company’s stock, valued at $5,342,727.70. The disclosure for this sale can be found here. Insiders have sold a total of 125,111 shares of company stock valued at $6,258,065 over the last quarter. Corporate insiders own 23.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc boosted its position in shares of Irhythm Tech by 131.0% during the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after acquiring an additional 1,913 shares during the last quarter. Advisor Group Inc. lifted its position in Irhythm Tech by 763.9% in the third quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock worth $151,000 after buying an additional 2,582 shares during the last quarter. American International Group Inc. bought a new stake in Irhythm Tech in the first quarter worth $161,000. First Mercantile Trust Co. bought a new stake in Irhythm Tech in the second quarter worth $221,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in Irhythm Tech in the second quarter worth $262,000. Hedge funds and other institutional investors own 95.22% of the company’s stock.
Irhythm Tech Company Profile
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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