JPMorgan Chase & Co. Increases iRhythm Technologies (NASDAQ:IRTC) Price Target to $190.00

iRhythm Technologies (NASDAQ:IRTCGet Rating) had its price target hoisted by JPMorgan Chase & Co. from $185.00 to $190.00 in a research report report published on Thursday, The Fly reports.

Other research analysts also recently issued research reports about the company. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $185.00 to $198.00 and gave the stock a buy rating in a research note on Friday, September 2nd. Citigroup lifted their price target on iRhythm Technologies to $157.00 in a research note on Tuesday, August 9th. Truist Financial cut their price target on iRhythm Technologies from $200.00 to $165.00 and set a buy rating for the company in a research note on Thursday, June 16th. Canaccord Genuity Group lifted their price target on iRhythm Technologies from $185.00 to $198.00 and gave the stock a buy rating in a research note on Friday, September 2nd. Finally, BTIG Research lifted their price target on iRhythm Technologies from $155.00 to $178.00 and gave the stock a buy rating in a research note on Friday, August 5th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies currently has an average rating of Moderate Buy and a consensus target price of $162.27.

iRhythm Technologies Price Performance

iRhythm Technologies stock opened at $129.42 on Thursday. iRhythm Technologies has a one year low of $56.49 and a one year high of $169.54. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.84 and a current ratio of 4.04. The business has a fifty day moving average of $150.51 and a two-hundred day moving average of $138.72. The company has a market cap of $3.89 billion, a P/E ratio of -29.28 and a beta of 1.51.

iRhythm Technologies (NASDAQ:IRTCGet Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.79) EPS for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.15. iRhythm Technologies had a negative return on equity of 38.95% and a negative net margin of 36.15%. The company had revenue of $102.10 million during the quarter, compared to the consensus estimate of $100.51 million. During the same quarter last year, the company earned ($0.59) earnings per share. iRhythm Technologies’s quarterly revenue was up 25.6% compared to the same quarter last year. As a group, analysts predict that iRhythm Technologies will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CFO Douglas Devine sold 1,239 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $108.90, for a total value of $134,927.10. Following the completion of the sale, the chief financial officer now owns 39,811 shares in the company, valued at approximately $4,335,417.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Douglas Devine sold 1,239 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $108.90, for a total value of $134,927.10. Following the transaction, the chief financial officer now directly owns 39,811 shares of the company’s stock, valued at approximately $4,335,417.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel G. Wilson sold 1,428 shares of iRhythm Technologies stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $108.93, for a total value of $155,552.04. Following the completion of the transaction, the executive vice president now directly owns 37,562 shares in the company, valued at $4,091,628.66. The disclosure for this sale can be found here. Insiders sold 12,866 shares of company stock worth $1,459,508 in the last 90 days. 1.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Ascent Group LLC lifted its stake in shares of iRhythm Technologies by 6.5% in the 1st quarter. Ascent Group LLC now owns 2,700 shares of the company’s stock valued at $425,000 after purchasing an additional 165 shares in the last quarter. Bridgewater Associates LP lifted its position in iRhythm Technologies by 9.8% during the 4th quarter. Bridgewater Associates LP now owns 31,364 shares of the company’s stock worth $3,691,000 after acquiring an additional 2,804 shares in the last quarter. Rock Springs Capital Management LP lifted its position in iRhythm Technologies by 0.7% during the 1st quarter. Rock Springs Capital Management LP now owns 436,000 shares of the company’s stock worth $68,657,000 after acquiring an additional 3,000 shares in the last quarter. Ensign Peak Advisors Inc acquired a new position in iRhythm Technologies during the 4th quarter worth approximately $658,000. Finally, Capital Research Global Investors lifted its position in iRhythm Technologies by 777.0% during the 4th quarter. Capital Research Global Investors now owns 877,000 shares of the company’s stock worth $103,214,000 after acquiring an additional 777,000 shares in the last quarter. 98.98% of the stock is owned by institutional investors and hedge funds.

About iRhythm Technologies

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iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. It 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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