Morgan Stanley Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by Morgan Stanley from $195.00 to $205.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also issued reports on IRTC. JPMorgan Chase & Co. raised their price objective on iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, October 31st. Citigroup upped their target price on iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $193.00 to $212.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Needham & Company LLC boosted their price objective on iRhythm Technologies from $193.00 to $244.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Bank of America assumed coverage on iRhythm Technologies in a report on Wednesday, August 20th. They issued a “buy” rating and a $200.00 price objective for the company. One 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 given a Sell rating to the company’s stock. According to MarketBeat, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $205.71.

iRhythm Technologies Stock Down 0.5%

IRTC stock opened at $181.87 on Tuesday. The stock has a market cap of $5.86 billion, a P/E ratio of -112.96 and a beta of 1.10. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. iRhythm Technologies has a twelve month low of $81.10 and a twelve month high of $212.00. The company’s 50 day moving average is $177.87 and its two-hundred day moving average is $162.26.

iRhythm Technologies (NASDAQ:IRTC) last issued 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. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The business had revenue of $192.88 million during the quarter, compared to analysts’ expectations of $184.75 million. During the same quarter in the prior year, the business posted ($1.26) EPS. The company’s revenue for the quarter was up 30.8% on a year-over-year basis. Research analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel G. Wilson sold 8,000 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $207.44, for a total value of $1,659,520.00. Following the completion of the sale, the chief financial officer owned 26,470 shares in the company, valued at approximately $5,490,936.80. This trade represents a 23.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Quentin S. Blackford sold 14,059 shares of iRhythm Technologies stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $182.94, for a total transaction of $2,571,953.46. Following the completion of the sale, the chief executive officer directly owned 164,979 shares in the company, valued at approximately $30,181,258.26. The trade was a 7.85% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new position in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. Root Financial Partners LLC acquired a new position in iRhythm Technologies during the third quarter worth $30,000. Smartleaf Asset Management LLC grew 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 worth $34,000 after acquiring an additional 99 shares during the period. Optiver Holding B.V. purchased a new position in iRhythm Technologies in the third quarter worth $35,000. Finally, Employees Retirement System of Texas purchased a new position in iRhythm Technologies in the third quarter worth $36,000.

iRhythm Technologies Company Profile

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.