iRhythm Technologies (NASDAQ:IRTC) Stock Price Up 5.9% Following Analyst Upgrade

Shares of iRhythm Technologies, Inc. (NASDAQ:IRTC) rose 5.9% during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $125.00 to $152.00. Canaccord Genuity Group currently has a buy rating on the stock. iRhythm Technologies traded as high as $87.80 and last traded at $87.67. Approximately 113,403 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 468,532 shares. The stock had previously closed at $82.79.

Several other research analysts have also recently commented on the company. Needham & Company LLC reduced their target price on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. The Goldman Sachs Group started coverage on iRhythm Technologies in a research report on Friday, October 4th. They issued a “neutral” rating and a $78.00 target price for the company. Wells Fargo & Company reiterated an “equal weight” rating and set a $86.00 price objective on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Robert W. Baird dropped their price objective on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a research note on Friday, September 27th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $107.82.

Insider Activity at iRhythm Technologies

In other news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the transaction, the insider now directly owns 35,327 shares in the company, valued at approximately $3,034,236.03. The trade was a 6.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $77.41, for a total value of $1,249,784.45. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several institutional investors have recently modified their holdings of the stock. 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. State Street Corp grew its position in shares of iRhythm Technologies by 1.3% in the 3rd quarter. State Street Corp now owns 908,843 shares of the company’s stock valued at $67,473,000 after purchasing an additional 11,992 shares during the period. Braidwell LP grew its position in shares of iRhythm Technologies by 48.7% in the 3rd quarter. Braidwell LP now owns 782,557 shares of the company’s stock valued at $58,097,000 after purchasing an additional 256,200 shares during the period. Eventide Asset Management LLC grew its position in shares of iRhythm Technologies by 170.8% in the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of iRhythm Technologies by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 733,308 shares of the company’s stock valued at $54,451,000 after purchasing an additional 5,423 shares during the period.

iRhythm Technologies Price Performance

The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. The company has a 50-day moving average of $76.04 and a 200-day moving average of $81.11. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -18.50 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm had revenue of $147.54 million for the quarter, compared to analyst estimates of $146.69 million. During the same period last year, the company earned ($0.89) EPS. The company’s revenue was up 18.4% compared to the same quarter last year. As a group, research analysts anticipate that iRhythm Technologies, Inc. will post -3.44 EPS for the current fiscal year.

iRhythm Technologies Company Profile

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.