Irhythm Tech (IRTC) Rating Reiterated by Canaccord Genuity

Irhythm Tech (NASDAQ:IRTC)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity in a note issued to investors on Tuesday. They presently have a $59.00 target price on the stock. Canaccord Genuity’s price objective points to a potential upside of 22.08% from the company’s current price.

The analysts wrote, “We expect these data, assuming the read-out of the full study data follows suit (which we expect), will build IRTC’s case with payers, paving the way ultimately for prospective screening with Zio in a brand new, 3- million-patient TAM. While not in our model at all, we think over time, payors will cover Zio for screening of high-risk patients defined by the mSToPs study. We reiterate our BUY rating and $59 price target.””

IRTC has been the topic of several other reports. Zacks Investment Research upgraded shares of Irhythm Tech from a “sell” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Wednesday, October 4th. Morgan Stanley boosted their price objective on shares of Irhythm Tech from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, November 3rd. Finally, ValuEngine upgraded shares of Irhythm Tech from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Irhythm Tech has a consensus rating of “Buy” and a consensus price target of $48.80.

Shares of Irhythm Tech (IRTC) traded up $0.02 during mid-day trading on Tuesday, reaching $48.33. 207,900 shares of the company’s stock traded hands, compared to its average volume of 265,166. The company has a current ratio of 8.15, a quick ratio of 8.07 and a debt-to-equity ratio of 0.36. Irhythm Tech has a 12-month low of $23.76 and a 12-month high of $53.87.

Irhythm Tech (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.05. The company had revenue of $25.04 million for the quarter, compared to analyst estimates of $24.30 million. Irhythm Tech had a negative net margin of 27.56% and a negative return on equity of 27.33%. Irhythm Tech’s revenue for the quarter was up 49.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.80) EPS. research analysts expect that Irhythm Tech will post -1.16 EPS for the current year.

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In related news, Director Raymond W. Scott sold 4,661 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $48.02, for a total value of $223,821.22. Following the transaction, the director now owns 4,661 shares in the company, valued at approximately $223,821.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kevin M. King sold 60,000 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the completion of the transaction, the insider now owns 103,042 shares in the company, valued at approximately $5,342,727.70. The disclosure for this sale can be found here. Insiders have sold a total of 125,111 shares of company stock worth $6,258,065 over the last 90 days. 23.30% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisor Group Inc. grew its stake in Irhythm Tech by 763.9% in the 3rd quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock valued at $151,000 after buying an additional 2,582 shares during the last quarter. Legal & General Group Plc grew its stake in Irhythm Tech by 131.0% in the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after buying an additional 1,913 shares during the last quarter. American International Group Inc. acquired a new position in Irhythm Tech in the 1st quarter valued at about $161,000. First Mercantile Trust Co. acquired a new position in Irhythm Tech in the 2nd quarter valued at about $221,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in Irhythm Tech in the 2nd quarter valued at about $262,000. Institutional investors and hedge funds own 95.22% of the company’s stock.

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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