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

iRhythm Technologies, Inc. (NASDAQ:IRTC) gapped up before the market opened 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 trading hands.

IRTC has been the topic of a number of other reports. Needham & Company LLC decreased their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $122.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer dropped their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. The Goldman Sachs Group initiated coverage on shares of iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 price objective on the stock. Finally, StockNews.com lowered shares of iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.90.

Insider Buying and Selling

In other news, CFO Brice Bobzien sold 1,372 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the transaction, the chief financial officer now owns 24,428 shares of the company’s stock, valued at approximately $1,718,265.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Brice Bobzien sold 1,372 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total transaction of $96,506.48. Following the sale, the chief financial officer now owns 24,428 shares in the company, valued at approximately $1,718,265.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mervin Smith sold 688 shares of the 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 completion of the transaction, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,072 shares of company stock valued at $372,748 over the last three months. Corporate insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in IRTC. Headlands Technologies LLC grew its stake in shares of iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after acquiring an additional 426 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the last quarter. SG Americas Securities LLC bought a new position in iRhythm Technologies in the 1st quarter valued at approximately $126,000. Russell Investments Group Ltd. boosted its stake in iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the last quarter. Finally, nVerses Capital LLC increased its holdings in shares of iRhythm Technologies by 400.0% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock worth $148,000 after purchasing an additional 1,600 shares in the last quarter.

iRhythm Technologies Stock Performance

The business has a fifty day moving average price of $68.28 and a 200-day moving average price of $86.84. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The stock has a market capitalization of $2.31 billion, a P/E ratio of -17.58 and a beta of 1.22.

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