iRhythm Technologies (NASDAQ:IRTC) Price Target Lowered to $170.00 at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its target price decreased by stock analysts at Truist Financial from $200.00 to $170.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 35.95% from the company’s current price.

Several other research analysts have also issued reports on IRTC. JPMorgan Chase & Co. cut their target price on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Citigroup decreased their price target on shares of iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a report on Thursday, January 22nd. Finally, Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $202.92.

iRhythm Technologies Stock Up 1.5%

Shares of IRTC traded up $1.82 during trading hours on Wednesday, hitting $125.05. The stock had a trading volume of 56,313 shares, compared to its average volume of 650,788. The company has a debt-to-equity ratio of 4.25, a current ratio of 4.63 and a quick ratio of 4.48. The firm has a 50 day simple moving average of $129.19 and a 200-day simple moving average of $158.61. The firm has a market capitalization of $4.04 billion, a P/E ratio of -89.32 and a beta of 1.18. iRhythm Technologies has a 1-year low of $97.16 and a 1-year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.02 by $0.27. The firm had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.04) EPS. Sell-side analysts predict that iRhythm Technologies will post -1.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Sumi Shrishrimal sold 6,217 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total transaction of $841,906.14. Following the completion of the transaction, the executive vice president directly owned 39,182 shares of the company’s stock, valued at approximately $5,306,026.44. This trade represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chad Patterson sold 8,967 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $1,214,311.14. Following the completion of the sale, the insider owned 51,738 shares in the company, valued at approximately $7,006,359.96. This trade represents a 14.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 94,509 shares of company stock valued at $12,734,195. 0.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the company. Federated Hermes Inc. boosted its position in iRhythm Technologies by 45.4% in the 3rd quarter. Federated Hermes Inc. now owns 70,401 shares of the company’s stock valued at $12,108,000 after buying an additional 21,977 shares during the period. Osaic Holdings Inc. raised its stake in shares of iRhythm Technologies by 507.3% during the 2nd quarter. Osaic Holdings Inc. now owns 9,292 shares of the company’s stock worth $1,431,000 after acquiring an additional 7,762 shares in the last quarter. Victory Capital Management Inc. increased its stake in iRhythm Technologies by 30.1% during the 3rd quarter. Victory Capital Management Inc. now owns 77,952 shares of the company’s stock valued at $13,407,000 after purchasing an additional 18,053 shares in the last quarter. Cookson Peirce & Co. Inc. increased its stake in iRhythm Technologies by 105.4% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 14,524 shares of the company’s stock valued at $2,498,000 after purchasing an additional 7,452 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in iRhythm Technologies during the 3rd quarter valued at approximately $3,439,800,000.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.