Irhythm Technologies (IRTC) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Irhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a research report released on Saturday. Zacks Investment Research currently has $86.00 target price on the stock.

According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “

Other equities analysts also recently issued research reports about the company. Chardan Capital started coverage on Irhythm Technologies in a research report on Thursday, September 6th. They set a buy rating and a $117.00 price target for the company. BidaskClub raised Irhythm Technologies from a hold rating to a buy rating in a research report on Friday, August 24th. Canaccord Genuity reissued a buy rating and set a $93.00 price target on shares of Irhythm Technologies in a research report on Thursday, August 2nd. BTIG Research reissued a hold rating on shares of Irhythm Technologies in a research report on Thursday, August 2nd. Finally, Dougherty & Co raised Irhythm Technologies from a sell rating to a neutral rating in a research report on Thursday, August 2nd. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Irhythm Technologies presently has an average rating of Buy and a consensus price target of $93.13.



Irhythm Technologies stock opened at $80.04 on Friday. The company has a quick ratio of 5.47, a current ratio of 5.58 and a debt-to-equity ratio of 0.48. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -61.57 and a beta of 1.35. Irhythm Technologies has a fifty-two week low of $46.95 and a fifty-two week high of $98.37.

Irhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.12). The company had revenue of $35.50 million for the quarter, compared to analysts’ expectations of $32.52 million. Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The business’s quarterly revenue was up 48.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) EPS. On average, research analysts anticipate that Irhythm Technologies will post -1.91 EPS for the current year.

In other news, insider Kevin M. King sold 60,000 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $82.90, for a total transaction of $4,974,000.00. Following the sale, the insider now owns 282,367 shares in the company, valued at $23,408,224.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Derrick Sung sold 10,000 shares of the firm’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $88.01, for a total value of $880,100.00. Following the sale, the executive vice president now owns 29,458 shares in the company, valued at approximately $2,592,598.58. The disclosure for this sale can be found here. Insiders have sold 90,000 shares of company stock valued at $7,505,200 in the last three months. 5.05% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Irhythm Technologies by 30.2% during the second quarter. BlackRock Inc. now owns 2,111,203 shares of the company’s stock worth $171,283,000 after purchasing an additional 489,585 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Irhythm Technologies by 18.6% during the second quarter. Wells Fargo & Company MN now owns 826,252 shares of the company’s stock worth $67,033,000 after purchasing an additional 129,506 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Irhythm Technologies by 17.1% during the second quarter. Millennium Management LLC now owns 726,837 shares of the company’s stock worth $58,968,000 after purchasing an additional 106,337 shares during the last quarter. Partner Fund Management L.P. acquired a new stake in shares of Irhythm Technologies during the second quarter worth $39,789,000. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Irhythm Technologies by 15.2% during the second quarter. OppenheimerFunds Inc. now owns 344,730 shares of the company’s stock worth $27,968,000 after purchasing an additional 45,450 shares during the last quarter.

Irhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

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