Wells Fargo & Company Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its price target increased by stock analysts at Wells Fargo & Company from $86.00 to $104.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential downside of 11.94% from the stock’s current price.

IRTC has been the topic of a number of other research reports. Canaccord Genuity Group increased their price target on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Robert W. Baird decreased their price target on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Truist Financial increased their price target on shares of iRhythm Technologies from $85.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Oppenheimer increased their price target on shares of iRhythm Technologies from $105.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC increased their price target on shares of iRhythm Technologies from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $112.45.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $118.11 on Friday. The firm’s 50 day simple moving average is $101.11 and its 200 day simple moving average is $83.27. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm has a market capitalization of $3.70 billion, a PE ratio of -24.49 and a beta of 1.29. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.30. The business had revenue of $164.33 million for the quarter, compared to analyst estimates of $158.30 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. As a group, analysts expect that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the business. R Squared Ltd purchased a new stake in iRhythm Technologies in the fourth quarter worth $45,000. Van ECK Associates Corp raised its holdings in iRhythm Technologies by 41.3% in the 4th quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after purchasing an additional 162 shares in the last quarter. Quarry LP purchased a new stake in shares of iRhythm Technologies in the 3rd quarter worth about $59,000. Raiffeisen Bank International AG bought a new stake in shares of iRhythm Technologies during the 4th quarter valued at about $60,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of iRhythm Technologies by 166.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after purchasing an additional 648 shares in the last quarter.

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.