iRhythm Technologies (NASDAQ:IRTC) Receives “Buy” Rating from Truist Financial

iRhythm Technologies (NASDAQ:IRTC)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a report released on Friday, Benzinga reports. They currently have a $117.00 price objective on the stock, down from their prior price objective of $134.00. Truist Financial’s price target would indicate a potential upside of 58.36% from the stock’s previous close.

Several other analysts have also recently weighed in on the company. Needham & Company LLC lowered their price target on iRhythm Technologies from $138.00 to $119.00 and set a “buy” rating on the stock in a report on Friday. Wolfe Research raised iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Morgan Stanley lowered their price target on iRhythm Technologies from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Canaccord Genuity Group lowered their price target on iRhythm Technologies from $133.00 to $122.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $118.67.

iRhythm Technologies Price Performance

IRTC traded down $10.34 during trading on Friday, reaching $73.88. 1,772,462 shares of the company were exchanged, compared to its average volume of 337,934. The company’s 50-day moving average is $95.22 and its two-hundred day moving average is $105.02. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -17.47 and a beta of 1.25. The company has a quick ratio of 6.95, a current ratio of 7.10 and a debt-to-equity ratio of 7.13. iRhythm Technologies has a 12-month low of $70.24 and a 12-month high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.31. The business had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.61) EPS. Research analysts forecast that iRhythm Technologies will post -3.22 earnings per share for the current fiscal year.

Insider Activity at iRhythm Technologies

In related news, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total transaction of $45,344.10. Following the transaction, the chief accounting officer now directly owns 8,174 shares of the company’s stock, valued at approximately $726,750.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CMO Minang Turakhia sold 1,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the transaction, the chief marketing officer now directly owns 27,255 shares in the company, valued at approximately $2,879,490.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Marc W. Rosenbaum sold 510 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $45,344.10. Following the transaction, the chief accounting officer now owns 8,174 shares in the company, valued at $726,750.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,045 shares of company stock valued at $294,234. Corporate insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Headlands Technologies LLC grew its position in iRhythm Technologies by 10,650.0% during the 1st 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 grew its position in iRhythm Technologies by 79.6% during 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. International Assets Investment Management LLC bought a new position in iRhythm Technologies during the 4th quarter worth approximately $92,000. SG Americas Securities LLC bought a new stake in shares of iRhythm Technologies in the 1st quarter worth approximately $126,000. Finally, Russell Investments Group Ltd. grew its position in shares of iRhythm Technologies by 79,700.0% in the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after buying an additional 1,594 shares during the last quarter.

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.