Citigroup Has Lowered Expectations for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its target price dropped by equities researchers at Citigroup from $242.00 to $214.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 86.62% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. decreased their price objective on iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating on the stock in a research report on Friday, February 20th. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a report on Monday, January 12th. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Freedom Capital upgraded iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $244.00 price objective on shares of iRhythm Technologies in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $209.46.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC opened at $114.67 on Wednesday. The firm has a fifty day simple moving average of $151.73 and a two-hundred day simple moving average of $168.07. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25. The stock has a market capitalization of $3.71 billion, a P/E ratio of -81.91 and a beta of 1.09.

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

Insiders Place Their Bets

In related news, EVP Sumi Shrishrimal sold 6,217 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $841,906.14. Following the transaction, the executive vice president owned 39,182 shares of the company’s stock, valued at $5,306,026.44. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 8,967 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,214,311.14. Following the transaction, the insider owned 51,738 shares in the company, valued at $7,006,359.96. The trade was a 14.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 94,509 shares of company stock worth $12,734,195. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its stake in shares of iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after buying an additional 6,125 shares during the period. Goldman Sachs Group Inc. lifted its stake in iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after acquiring an additional 108,941 shares during the period. Strs Ohio purchased a new stake in iRhythm Technologies in the first quarter worth about $147,000. Atria Investments Inc bought a new position in iRhythm Technologies during the 2nd quarter worth about $200,000. Finally, Bank of Montreal Can purchased a new position in iRhythm Technologies during the 2nd quarter valued at about $224,000.

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.