iRhythm Technologies (NASDAQ:IRTC) Lifted to Outperform at Wolfe Research

Wolfe Research upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a peer perform rating to an outperform rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. They currently have $115.00 target price on the stock.

IRTC has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price target on shares of iRhythm Technologies from $142.00 to $133.00 and set an overweight rating for the company in a research note on Friday, February 23rd. Needham & Company LLC lifted their price target on iRhythm Technologies from $137.00 to $138.00 and gave the company a buy rating in a report on Friday, May 3rd. Finally, Canaccord Genuity Group decreased their price objective on iRhythm Technologies from $133.00 to $122.00 and set a buy rating for the company in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $131.22.

iRhythm Technologies Stock Down 2.2 %

Shares of IRTC opened at $103.02 on Thursday. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. The business has a fifty day moving average of $99.68 and a 200 day moving average of $106.56. The company has a market cap of $3.20 billion, a PE ratio of -24.35 and a beta of 1.24. iRhythm Technologies has a 52-week low of $70.24 and a 52-week high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($1.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.48). iRhythm Technologies had a negative return on equity of 69.87% and a negative net margin of 25.33%. The firm had revenue of $131.93 million for the quarter, compared to analysts’ expectations of $128.87 million. On average, sell-side analysts expect that iRhythm Technologies will post -3.22 EPS for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the completion of the sale, the chief accounting officer now directly owns 8,174 shares in the company, valued at $726,750.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Sumi Shrishrimal sold 1,131 shares of iRhythm Technologies stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $100,557.21. Following the completion of the sale, the executive vice president now owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Marc W. Rosenbaum sold 510 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $45,344.10. Following the completion of the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at approximately $726,750.34. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Artisan Partners Limited Partnership grew its stake in shares of iRhythm Technologies by 5.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,071,500 shares of the company’s stock worth $221,733,000 after purchasing an additional 108,875 shares during the period. Capital Research Global Investors grew its position in iRhythm Technologies by 5.1% during the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after buying an additional 121,709 shares during the period. Stephens Investment Management Group LLC increased its holdings in iRhythm Technologies by 17.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 359,225 shares of the company’s stock valued at $38,451,000 after buying an additional 53,219 shares in the last quarter. Norges Bank acquired a new position in shares of iRhythm Technologies in the fourth quarter worth about $26,522,000. Finally, First Light Asset Management LLC boosted its stake in shares of iRhythm Technologies by 72.7% during the 4th quarter. First Light Asset Management LLC now owns 152,063 shares of the company’s stock worth $16,277,000 after acquiring an additional 64,024 shares in the last quarter.

About iRhythm Technologies

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.