Morgan Stanley Increases Irhythm Tech (IRTC) Price Target to $65.00
Irhythm Tech (NASDAQ:IRTC) had its target price boosted by analysts at Morgan Stanley from $50.00 to $65.00 in a report issued on Friday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 20.80% from the company’s previous close.
IRTC has been the topic of a number of other research reports. Zacks Investment Research raised shares of Irhythm Tech from a “sell” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Wednesday, October 4th. Canaccord Genuity raised their target price on shares of Irhythm Tech from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, September 22nd. Finally, ValuEngine raised shares of Irhythm Tech from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $48.80.
Irhythm Tech (NASDAQ:IRTC) traded up $2.66 during midday trading on Friday, reaching $53.81. 358,011 shares of the company’s stock were exchanged, compared to its average volume of 227,539. The company has a current ratio of 8.15, a quick ratio of 8.07 and a debt-to-equity ratio of 0.36. Irhythm Tech has a 1-year low of $22.33 and a 1-year high of $53.87.
Irhythm Tech (NASDAQ:IRTC) last posted its earnings results on Wednesday, November 1st. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. The business had revenue of $25.04 million for the quarter, compared to the consensus estimate of $24.30 million. Irhythm Tech had a negative net margin of 27.56% and a negative return on equity of 27.33%. The company’s revenue for the quarter was up 49.2% on a year-over-year basis. During the same quarter last year, the firm posted ($2.80) EPS. equities research analysts expect that Irhythm Tech will post -1.13 EPS for the current year.
In other news, Director Vijay K. Lathi sold 34,613 shares of Irhythm Tech stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the transaction, the director now owns 1,405 shares of the company’s stock, valued at approximately $69,561.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP David A. Vort sold 5,000 shares of Irhythm Tech stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $48.76, for a total transaction of $243,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 118,014 shares of company stock worth $5,453,106 in the last three months. Insiders own 23.30% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Pier Capital LLC purchased a new position in shares of Irhythm Tech in the 2nd quarter worth approximately $6,796,000. Alliancebernstein L.P. grew its position in shares of Irhythm Tech by 644.3% in the 2nd quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock worth $37,561,000 after buying an additional 765,218 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Irhythm Tech by 2,702.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock worth $25,794,000 after buying an additional 585,390 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Irhythm Tech in the 2nd quarter worth approximately $3,281,000. Finally, Employees Retirement System of Texas purchased a new position in shares of Irhythm Tech in the 2nd quarter worth approximately $1,742,000. 94.20% of the stock is currently owned by hedge funds and other 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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