iRhythm Technologies (NASDAQ:IRTC) Trading Up 5.9% Following Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) were up 5.9% during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $125.00 to $152.00. Canaccord Genuity Group currently has a buy rating on the stock. iRhythm Technologies traded as high as $87.80 and last traded at $87.67. Approximately 113,403 shares changed hands during trading, a decline of 76% from the average daily volume of 468,532 shares. The stock had previously closed at $82.79.

A number of other equities analysts have also commented on the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $86.00 price target on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a research report on Friday, September 27th. Robert W. Baird dropped their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Truist Financial boosted their target price on shares of iRhythm Technologies from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group began coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They set a “neutral” rating and a $78.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.82.

Insiders Place Their Bets

In other news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total value of $214,037.88. Following the completion of the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at $3,034,236.03. This represents a 6.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $77.41, for a total value of $1,249,784.45. Following the completion of the sale, the chief executive officer now directly owns 159,929 shares of the company’s stock, valued at approximately $12,380,103.89. This trade represents a 9.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

A number of large investors have recently bought and sold shares of the business. Synovus Financial Corp boosted its position in iRhythm Technologies by 28.8% during the 3rd quarter. Synovus Financial Corp now owns 8,718 shares of the company’s stock worth $647,000 after acquiring an additional 1,948 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in iRhythm Technologies during the 3rd quarter worth approximately $119,000. Geode Capital Management LLC boosted its position in iRhythm Technologies by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock worth $54,451,000 after acquiring an additional 5,423 shares during the last quarter. Brophy Wealth Management LLC acquired a new position in iRhythm Technologies during the 3rd quarter worth approximately $274,000. Finally, Barclays PLC boosted its position in iRhythm Technologies by 34.3% during the 3rd quarter. Barclays PLC now owns 209,247 shares of the company’s stock worth $15,534,000 after acquiring an additional 53,498 shares during the last quarter.

iRhythm Technologies Trading Up 5.8 %

The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The business has a 50-day simple moving average of $75.74 and a two-hundred day simple moving average of $81.13. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -17.03 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The company had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. During the same period in the previous year, the company posted ($0.89) EPS. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. As a group, research analysts forecast that iRhythm Technologies, Inc. will post -3.44 EPS for the current year.

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.