iRhythm Technologies (NASDAQ:IRTC) Stock Price Expected to Rise, Truist Financial Analyst Says

iRhythm Technologies (NASDAQ:IRTC) had its target price boosted by Truist Financial from $111.00 to $145.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently issued reports on IRTC. Oppenheimer lifted their price target on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, January 8th. Canaccord Genuity Group boosted their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Robert W. Baird reduced their target price on shares of iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Needham & Company LLC raised their price target on shares of iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a report on Friday. Finally, Wells Fargo & Company boosted their price objective on shares of iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Friday. 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.55.

iRhythm Technologies Stock Performance

NASDAQ IRTC opened at $119.58 on Friday. iRhythm Technologies has a 1-year low of $55.92 and a 1-year high of $128.52. The company has a 50 day moving average of $101.11 and a 200-day moving average of $83.27. 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 market cap of $3.74 billion, a price-to-earnings ratio of -24.61 and a beta of 1.29.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The firm had revenue of $164.33 million during the quarter, compared to analysts’ expectations of $158.30 million. On average, equities analysts forecast that iRhythm Technologies will post -3.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the firm’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 transaction, the insider now owns 35,327 shares in the company, valued at approximately $3,034,236.03. This trade represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.68% of the company’s stock.

Institutional Trading of iRhythm Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. R Squared Ltd bought a new position in iRhythm Technologies during the 4th quarter worth approximately $45,000. Van ECK Associates Corp raised its holdings in iRhythm Technologies by 41.3% in the fourth quarter. Van ECK Associates Corp now owns 554 shares of the company’s stock worth $50,000 after purchasing an additional 162 shares during the period. Quarry LP bought a new position in shares of iRhythm Technologies during the third quarter worth $59,000. Raiffeisen Bank International AG acquired a new position in shares of iRhythm Technologies in the 4th quarter valued at $60,000. Finally, Nisa Investment Advisors LLC increased its position in shares of iRhythm Technologies by 166.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,037 shares of the company’s stock valued at $94,000 after buying an additional 648 shares in the last quarter.

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.