Irhythm Technologies (IRTC) Price Target Raised to $90.00

Irhythm Technologies (NASDAQ:IRTC) had its price target hoisted by Canaccord Genuity from $84.00 to $90.00 in a research note issued to investors on Friday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the stock.

A number of other research firms also recently weighed in on IRTC. Morgan Stanley raised their target price on shares of Irhythm Technologies from $92.00 to $95.00 and gave the company an overweight rating in a research report on Thursday, October 11th. Zacks Investment Research raised shares of Irhythm Technologies from a hold rating to a buy rating and set a $78.00 target price for the company in a research report on Friday, January 4th. Finally, BidaskClub downgraded shares of Irhythm Technologies from a strong-buy rating to a buy rating in a research report on Tuesday, October 9th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Irhythm Technologies presently has a consensus rating of Buy and an average target price of $90.88.

Shares of NASDAQ:IRTC opened at $81.92 on Friday. Irhythm Technologies has a 12 month low of $55.18 and a 12 month high of $98.37. The company has a current ratio of 4.79, a quick ratio of 4.69 and a debt-to-equity ratio of 0.51. The firm has a market cap of $1.89 billion, a P/E ratio of -63.02 and a beta of 1.63.



Irhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Tuesday, October 30th. The company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. Irhythm Technologies had a negative net margin of 33.79% and a negative return on equity of 62.85%. The business had revenue of $38.10 million for the quarter, compared to analyst estimates of $35.87 million. During the same period last year, the business posted ($0.29) earnings per share. The firm’s quarterly revenue was up 52.2% on a year-over-year basis. Research analysts predict that Irhythm Technologies will post -1.87 earnings per share for the current fiscal year.

In other news, CEO Kevin M. King sold 17,168 shares of Irhythm Technologies stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $70.00, for a total value of $1,201,760.00. Following the completion of the transaction, the chief executive officer now owns 223,064 shares of the company’s stock, valued at approximately $15,614,480. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP David A. Vort sold 5,176 shares of Irhythm Technologies stock in a transaction dated Friday, December 7th. The shares were sold at an average price of $73.31, for a total transaction of $379,452.56. The disclosure for this sale can be found here. In the last three months, insiders sold 75,176 shares of company stock valued at $5,464,264. Insiders own 5.05% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new position in shares of Irhythm Technologies in the 2nd quarter valued at about $101,000. Rehmann Capital Advisory Group bought a new position in shares of Irhythm Technologies in the 3rd quarter valued at about $160,000. Great West Life Assurance Co. Can grew its position in shares of Irhythm Technologies by 119.9% in the 2nd quarter. Great West Life Assurance Co. Can now owns 1,979 shares of the company’s stock valued at $161,000 after acquiring an additional 1,079 shares during the period. Prudential Financial Inc. bought a new position in shares of Irhythm Technologies in the 3rd quarter valued at about $226,000. Finally, United Services Automobile Association bought a new position in shares of Irhythm Technologies in the 2nd quarter valued at about $242,000. 99.39% of the stock is owned by institutional investors.

About Irhythm Technologies

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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