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

iRhythm Technologies (NASDAQ:IRTC) had its price target reduced by equities research analysts at Truist Financial from $200.00 to $170.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 38.65% from the stock’s previous close.

Several other equities research analysts also recently commented on IRTC. The Goldman Sachs Group reduced their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a report on Thursday, April 9th. Wells Fargo & Company reduced their target price on iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, February 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Citigroup reduced their target price on iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Finally, Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.92.

iRhythm Technologies Trading Down 1.4%

Shares of IRTC stock opened at $122.61 on Wednesday. The stock has a 50-day simple moving average of $128.15 and a 200 day simple moving average of $158.12. iRhythm Technologies has a fifty-two week low of $97.16 and a fifty-two week high of $212.00. The stock has a market capitalization of $3.96 billion, a P/E ratio of -87.58 and a beta of 1.18. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 last year, the business posted ($0.04) earnings per share. The company’s quarterly revenue was up 27.1% on a year-over-year basis. On average, sell-side analysts expect that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 4,357 shares of the 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 completion of the sale, the insider directly owned 63,203 shares of the company’s stock, valued at approximately $8,117,793.32. This represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Minang Turakhia sold 4,027 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $128.45, for a total value of $517,268.15. Following the completion of the sale, the executive vice president directly owned 54,906 shares of the company’s stock, valued at approximately $7,052,675.70. This represents a 6.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 94,509 shares of company stock valued at $12,734,195 over the last 90 days. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of the business. Rockefeller Capital Management L.P. lifted its stake in iRhythm Technologies by 89.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after acquiring an additional 644 shares in the last quarter. Corient Private Wealth LLC lifted its stake in iRhythm Technologies by 12.1% in the 4th quarter. Corient Private Wealth LLC now owns 1,764 shares of the company’s stock worth $313,000 after acquiring an additional 191 shares in the last quarter. MidFirst Bank purchased a new stake in iRhythm Technologies in the 4th quarter worth about $235,000. Fuller & Thaler Asset Management Inc. lifted its stake in iRhythm Technologies by 7.4% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 639,423 shares of the company’s stock worth $113,459,000 after acquiring an additional 44,175 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in iRhythm Technologies in the 4th quarter worth about $855,000.

iRhythm Technologies Company Profile

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.