iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Moderate Buy” from Analysts

iRhythm Technologies (NASDAQ:IRTC) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eleven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $209.4615.

Several analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $244.00 target price on shares of iRhythm Technologies in a research report on Monday, January 12th. Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $194.00 to $210.00 in a report on Monday, January 5th. JPMorgan Chase & Co. cut their price objective on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Canaccord Genuity Group reduced their price objective on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating on the stock in a research report on Friday, February 20th. Finally, Freedom Capital raised shares of iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th.

Insider Buying and Selling

In related news, insider Patrick Michael Murphy sold 4,357 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $559,613.08. Following the sale, the insider directly owned 63,203 shares in the company, valued at approximately $8,117,793.32. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chad Patterson sold 4,444 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.44, for a total value of $570,787.36. Following the transaction, the insider owned 58,164 shares of the company’s stock, valued at $7,470,584.16. This represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 94,509 shares of company stock worth $12,734,195 in the last 90 days. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of IRTC. Root Financial Partners LLC bought a new stake in shares of iRhythm Technologies in the 3rd quarter worth about $30,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $30,000. GAMMA Investing LLC lifted its holdings in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after acquiring an additional 60 shares during the last quarter. Smartleaf Asset Management LLC grew its position in iRhythm Technologies by 100.0% in 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 in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the third quarter worth about $34,000.

iRhythm Technologies Trading Down 1.5%

NASDAQ:IRTC opened at $113.00 on Friday. iRhythm Technologies has a one year low of $92.52 and a one year high of $212.00. The business has a fifty day moving average price of $150.49 and a 200-day moving average price of $167.70. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -80.71 and a beta of 1.09. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business had revenue of $208.89 million during the quarter, compared to analysts’ expectations of $202.61 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. The business’s quarterly revenue was up 27.1% on a year-over-year basis. Sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

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.