iRhythm Technologies (NASDAQ:IRTC) Shares Gap Up Following Analyst Upgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC) shares gapped up prior to trading on Tuesday after Truist Financial raised their price target on the stock from $80.00 to $95.00. The stock had previously closed at $62.10, but opened at $70.11. Truist Financial currently has a buy rating on the stock. iRhythm Technologies shares last traded at $72.78, with a volume of 439,491 shares traded.

IRTC has been the subject of a number of other reports. Morgan Stanley lowered their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. The Goldman Sachs Group began coverage on iRhythm Technologies in a research note on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price on the stock. Oppenheimer reduced their target price on iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Canaccord Genuity Group increased their target price on iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reduced their target price on iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, iRhythm Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $113.90.

Insider Activity

In other news, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $224,875.92. Following the transaction, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Mervin Smith sold 688 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $74.66, for a total transaction of $51,366.08. Following the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at $773,477.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the sale, the insider now directly owns 37,133 shares in the company, valued at approximately $2,772,349.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,072 shares of company stock worth $372,748. 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 stock. Values First Advisors Inc. bought a new stake in iRhythm Technologies during the third quarter valued at about $380,000. Hennion & Walsh Asset Management Inc. boosted its holdings in iRhythm Technologies by 27.3% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock worth $261,000 after acquiring an additional 754 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock worth $231,000 after acquiring an additional 567 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in iRhythm Technologies by 9.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 519,973 shares of the company’s stock worth $38,603,000 after acquiring an additional 44,387 shares in the last quarter. Finally, nVerses Capital LLC boosted its holdings in iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after acquiring an additional 1,600 shares in the last quarter.

iRhythm Technologies Stock Performance

The company has a debt-to-equity ratio of 6.50, a current ratio of 6.92 and a quick ratio of 6.76. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -17.58 and a beta of 1.22. The firm has a fifty day simple moving average of $68.28 and a two-hundred day simple moving average of $86.84.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.28. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business had revenue of $148.05 million during the quarter, compared to the consensus estimate of $146.15 million. During the same quarter last year, the company earned ($0.61) earnings per share. The company’s quarterly revenue was up 19.3% on a year-over-year basis. On average, analysts expect that iRhythm Technologies, Inc. will post -2.66 EPS for the current year.

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.