Morgan Stanley Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $147.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective cut by Morgan Stanley from $160.00 to $147.00 in a research note published on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

IRTC has been the subject of several other research reports. Canaccord Genuity Group cut their target price on iRhythm Technologies from $152.00 to $139.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Robert W. Baird lifted their price objective on iRhythm Technologies from $133.00 to $150.00 and gave the company an “outperform” rating in a report on Friday, May 2nd. Needham & Company LLC boosted their target price on shares of iRhythm Technologies from $138.00 to $151.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Wall Street Zen cut shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Monday, May 5th. Finally, Citigroup lifted their price target on shares of iRhythm Technologies from $130.00 to $167.00 and gave the company a “buy” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $137.30.

iRhythm Technologies Stock Down 0.9%

Shares of IRTC stock opened at $135.76 on Tuesday. iRhythm Technologies has a one year low of $55.92 and a one year high of $157.13. The company has a debt-to-equity ratio of 7.47, a current ratio of 5.71 and a quick ratio of 5.58. The stock has a fifty day moving average price of $143.09 and a 200 day moving average price of $118.95. The stock has a market cap of $4.33 billion, a P/E ratio of -43.24 and a beta of 1.41.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.06). iRhythm Technologies had a negative return on equity of 101.04% and a negative net margin of 15.90%. The business had revenue of $158.68 million for the quarter, compared to the consensus estimate of $153.39 million. During the same period in the previous year, the business posted ($1.23) earnings per share. iRhythm Technologies’s revenue was up 20.3% on a year-over-year basis. Analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling at iRhythm Technologies

In other news, insider Chad Patterson sold 936 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $150.00, for a total transaction of $140,400.00. Following the sale, the insider directly owned 48,929 shares of the company’s stock, valued at $7,339,350. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Minang Turakhia sold 1,420 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $145.41, for a total transaction of $206,482.20. Following the completion of the transaction, the executive vice president owned 41,393 shares of the company’s stock, valued at $6,018,956.13. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,356 shares of company stock worth $796,882. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Atle Fund Management AB increased its position in iRhythm Technologies by 23.1% in the second quarter. Atle Fund Management AB now owns 25,302 shares of the company’s stock worth $3,895,000 after purchasing an additional 4,755 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of iRhythm Technologies in the 2nd quarter valued at about $319,000. Moody National Bank Trust Division acquired a new stake in shares of iRhythm Technologies during the 2nd quarter worth approximately $247,000. MRA Advisory Group bought a new stake in shares of iRhythm Technologies during the second quarter worth approximately $512,000. Finally, Cim Investment Management Inc. lifted its holdings in iRhythm Technologies by 97.6% in the first quarter. Cim Investment Management Inc. now owns 11,530 shares of the company’s stock valued at $1,122,000 after buying an additional 5,696 shares during the period.

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.