Citigroup Issues Positive Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price

iRhythm Technologies (NASDAQ:IRTC) had its target price increased by analysts at Citigroup from $155.00 to $157.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 33.53% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group reduced their price target on iRhythm Technologies from $198.00 to $180.00 and set a “buy” rating on the stock in a research report on Friday. JPMorgan Chase & Co. reduced their price target on iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday. Freedom Capital raised iRhythm Technologies to a “strong-buy” rating in a research report on Thursday, January 15th. Robert W. Baird reduced their price target on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, February 20th. Finally, Evercore raised iRhythm Technologies from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $194.00 to $210.00 in a research report on Monday, January 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $193.38.

iRhythm Technologies Stock Down 2.7%

Shares of IRTC stock traded down $3.23 during trading hours on Monday, reaching $117.58. 301,380 shares of the company’s stock were exchanged, compared to its average volume of 629,093. The stock’s 50 day moving average is $122.93 and its 200-day moving average is $154.28. The company has a market cap of $3.86 billion, a price-to-earnings ratio of -136.71 and a beta of 1.33. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. iRhythm Technologies has a fifty-two week low of $112.31 and a fifty-two week high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. The business had revenue of $199.39 million for the quarter, compared to the consensus estimate of $194.11 million. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.97) earnings per share. Analysts predict that iRhythm Technologies will post -0.16 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, EVP Minang Turakhia sold 7,804 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,817.68. Following the transaction, the executive vice president directly owned 48,899 shares of the company’s stock, valued at $6,621,902.58. This represents a 13.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chad Patterson sold 8,967 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $135.42, for a total value of $1,214,311.14. Following the completion of the transaction, the insider directly owned 51,738 shares in the company, valued at approximately $7,006,359.96. The trade was a 14.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 94,509 shares of company stock worth $12,734,195 over the last 90 days. Insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRTC. Root Financial Partners LLC acquired a new stake in iRhythm Technologies during the 3rd quarter worth about $30,000. Measured Wealth Private Client Group LLC acquired a new stake in iRhythm Technologies during the 3rd quarter worth about $30,000. GAMMA Investing LLC grew its position in iRhythm Technologies by 48.4% during the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares during the period. Smartleaf Asset Management LLC grew its position in iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after purchasing an additional 99 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in iRhythm Technologies during the 3rd quarter worth about $34,000.

iRhythm Technologies Company Profile

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.