Shares of Irhythm Tech (NASDAQ:IRTC) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the four brokers that cover the stock, Zacks Investment Research reports. Four analysts have rated the stock with a strong buy recommendation.
Brokers have set a twelve-month consensus price target of $46.75 for the company and are anticipating that the company will post ($0.34) EPS for the current quarter, according to Zacks. Zacks has also given Irhythm Tech an industry rank of 46 out of 265 based on the ratings given to its competitors.
A number of brokerages have weighed in on IRTC. Zacks Investment Research lowered shares of Irhythm Tech from a “buy” rating to a “hold” rating in a research report on Wednesday. Canaccord Genuity raised their target price on shares of Irhythm Tech from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, September 22nd.
Irhythm Tech (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.29) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. The firm had revenue of $23.85 million for the quarter, compared to the consensus estimate of $22.10 million. The business’s revenue was up 51.6% on a year-over-year basis.
In other news, Director Vijay K. Lathi sold 34,613 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total transaction of $1,713,689.63. Following the sale, the director now owns 1,405 shares in the company, valued at approximately $69,561.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Raymond W. Scott sold 52,903 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $43.59, for a total transaction of $2,306,041.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,014 shares of company stock worth $5,453,106. Company insiders own 23.30% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC raised its position in Irhythm Tech by 69.9% in the 2nd quarter. Lord Abbett & CO. LLC now owns 328,640 shares of the company’s stock worth $13,964,000 after buying an additional 135,256 shares during the last quarter. Broadfin Capital LLC purchased a new position in Irhythm Tech in the 2nd quarter worth about $2,239,000. California State Teachers Retirement System raised its position in Irhythm Tech by 73.0% in the 2nd quarter. California State Teachers Retirement System now owns 24,400 shares of the company’s stock worth $1,037,000 after buying an additional 10,300 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Irhythm Tech by 84.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,204 shares of the company’s stock worth $476,000 after buying an additional 5,124 shares during the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in Irhythm Tech in the 2nd quarter worth about $3,281,000. 93.25% of the stock is owned by hedge funds and other institutional investors.
Irhythm Tech Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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