iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $120.00

iRhythm Technologies (NASDAQ:IRTC) had its target price lifted by Oppenheimer from $105.00 to $120.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities analysts have also issued reports about the company. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. Canaccord Genuity Group upped their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Truist Financial increased their price objective on shares of iRhythm Technologies from $85.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 target price on shares of iRhythm Technologies in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.00.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $97.70 on Wednesday. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The firm has a fifty day simple moving average of $86.63 and a 200-day simple moving average of $80.74. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -20.10 and a beta of 1.26. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The firm had revenue of $147.54 million for the quarter, compared to the consensus estimate of $146.69 million. During the same quarter last year, the company earned ($0.89) earnings per share. The firm’s revenue was up 18.4% on a year-over-year basis. On average, sell-side analysts expect that iRhythm Technologies will post -3.35 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar purchased 6,664 shares of iRhythm Technologies stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average price of $75.16 per share, for a total transaction of $500,866.24. Following the transaction, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This represents a 54.28 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Quentin S. Blackford sold 16,145 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the completion of the sale, the chief executive officer now owns 159,929 shares of the company’s stock, valued at $12,380,103.89. The trade was a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Eventide Asset Management LLC raised its position in shares of iRhythm Technologies by 170.8% during the third quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock worth $54,694,000 after acquiring an additional 464,629 shares during the last quarter. Braidwell LP raised its holdings in iRhythm Technologies by 48.7% during the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after purchasing an additional 256,200 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in iRhythm Technologies by 38.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 707,175 shares of the company’s stock valued at $52,501,000 after purchasing an additional 195,246 shares during the period. Mackenzie Financial Corp grew its position in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after buying an additional 80,091 shares during the period. Finally, Fred Alger Management LLC raised its stake in shares of iRhythm Technologies by 24.4% during the third quarter. Fred Alger Management LLC now owns 314,117 shares of the company’s stock worth $23,320,000 after buying an additional 61,696 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.