iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $225.00

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by Wells Fargo & Company from $220.00 to $225.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently commented on the company. Morgan Stanley reiterated an “overweight” rating on shares of iRhythm Technologies in a report on Monday. Robert W. Baird lifted their target price on iRhythm Technologies from $180.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Truist Financial decreased their price target on iRhythm Technologies from $230.00 to $215.00 and set a “buy” rating on the stock in a research note on Thursday, December 18th. Canaccord Genuity Group raised their price objective on iRhythm Technologies from $193.00 to $212.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Finally, Citigroup boosted their price objective on shares of iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $219.23.

iRhythm Technologies Trading Up 5.4%

Shares of IRTC opened at $172.04 on Tuesday. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00. The firm has a market capitalization of $5.54 billion, a P/E ratio of -106.86 and a beta of 1.12. The firm has a 50-day moving average price of $176.02 and a 200 day moving average price of $168.61. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.30. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. The company had revenue of $192.88 million for the quarter, compared to the consensus estimate of $184.75 million. During the same period in the previous year, the firm earned ($1.26) earnings per share. iRhythm Technologies’s quarterly revenue was up 30.8% compared to the same quarter last year. Sell-side analysts forecast that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Buying and Selling at iRhythm Technologies

In other iRhythm Technologies news, CFO Daniel G. Wilson sold 8,000 shares of the stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $207.44, for a total transaction of $1,659,520.00. Following the sale, the chief financial officer directly owned 26,470 shares in the company, valued at $5,490,936.80. This represents a 23.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick Michael Murphy sold 2,478 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74. Following the completion of the transaction, the insider owned 53,281 shares of the company’s stock, valued at approximately $9,847,927.23. This trade represents a 4.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 24,817 shares of company stock worth $4,741,235. 1.10% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

Several hedge funds have recently modified their holdings of IRTC. Root Financial Partners LLC acquired a new position in iRhythm Technologies during the 3rd quarter worth $30,000. Measured Wealth Private Client Group LLC acquired a new stake in iRhythm Technologies in the 3rd quarter valued at about $30,000. GAMMA Investing LLC boosted its stake in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after buying an additional 60 shares during the period. Smartleaf Asset Management LLC grew its position in shares of iRhythm Technologies by 100.0% during the third quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock worth $34,000 after buying an additional 99 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of iRhythm Technologies during the third quarter worth approximately $34,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.