iRhythm Technologies (NASDAQ:IRTC) Receives Average Recommendation of “Buy” from Brokerages

Shares of iRhythm Technologies (NASDAQ:IRTC) have received a consensus recommendation of “Buy” from the seventeen brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, twelve have given a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $184.7143.

IRTC has been the topic of several recent analyst reports. Citigroup upped their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the company a “buy” rating in a report on Monday, May 4th. Wells Fargo & Company lowered their target price on shares of iRhythm Technologies from $200.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 18th. Needham & Company LLC upped their price target on shares of iRhythm Technologies from $254.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, HC Wainwright reaffirmed a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st.

Insider Buying and Selling at iRhythm Technologies

In other news, Director Abhijit Y. Talwalkar bought 5,312 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $10.71 per share, with a total value of $56,891.52. Following the transaction, the director directly owned 25,611 shares in the company, valued at approximately $274,293.81. The trade was a 26.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC acquired a new position in shares of iRhythm Technologies in the third quarter valued at about $30,000. GAMMA Investing LLC lifted its holdings in shares of iRhythm Technologies by 48.4% during the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares during the period. FNY Investment Advisers LLC purchased a new stake in iRhythm Technologies in the third quarter valued at approximately $34,000. Employees Retirement System of Texas purchased a new stake in iRhythm Technologies in the third quarter valued at approximately $36,000. Finally, Harbor Investment Advisory LLC acquired a new position in iRhythm Technologies in the 2nd quarter worth approximately $50,000.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $109.20 on Friday. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The stock has a fifty day moving average price of $113.59 and a 200-day moving average price of $128.29. The company has a current ratio of 5.17, a quick ratio of 4.98 and a debt-to-equity ratio of 4.03. The firm has a market cap of $3.59 billion, a PE ratio of -126.98 and a beta of 1.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The firm had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter last year, the firm earned ($0.97) EPS. The business’s quarterly revenue was up 25.6% on a year-over-year basis. Equities research analysts predict that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

About iRhythm Technologies

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.