Oppenheimer Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its price target increased by equities research analysts at Oppenheimer from $105.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential upside of 32.49% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Canaccord Genuity Group raised their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. The Goldman Sachs Group started coverage on shares of iRhythm Technologies in a research note on Friday, October 4th. They set a “neutral” rating and a $78.00 price objective for the company. Wells Fargo & Company reissued an “equal weight” rating and issued a $86.00 target price on shares of iRhythm Technologies in a research note on Tuesday, December 3rd. Finally, Robert W. Baird lowered their price target on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.00.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $90.57 on Wednesday. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27. iRhythm Technologies has a 52-week low of $55.92 and a 52-week high of $124.11. The company has a fifty day moving average of $85.42 and a 200-day moving average of $80.59. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -18.64 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.71). The business had revenue of $147.54 million for the quarter, compared to analysts’ expectations of $146.69 million. iRhythm Technologies had a negative net margin of 26.90% and a negative return on equity of 120.86%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.89) earnings per share. Equities research analysts expect that iRhythm Technologies will post -3.35 EPS for the current year.

Insider Activity at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total transaction of $214,037.88. Following the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Quentin S. Blackford sold 16,145 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $77.41, for a total transaction of $1,249,784.45. Following the sale, the chief executive officer now owns 159,929 shares in the company, valued at approximately $12,380,103.89. The trade was a 9.17 % decrease in their position. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.

Institutional Trading of iRhythm Technologies

A number of large investors have recently made changes to their positions in the stock. Arizona State Retirement System increased its position in iRhythm Technologies by 3.4% during the second quarter. Arizona State Retirement System now owns 8,711 shares of the company’s stock valued at $938,000 after acquiring an additional 287 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of iRhythm Technologies by 6.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 7,909 shares of the company’s stock valued at $851,000 after purchasing an additional 482 shares during the period. Bank Pictet & Cie Europe AG increased its position in shares of iRhythm Technologies by 22.3% during the 3rd quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after purchasing an additional 567 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of iRhythm Technologies by 27.3% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 3,512 shares of the company’s stock valued at $261,000 after purchasing an additional 754 shares during the last quarter. Finally, Quarry LP bought a new position in shares of iRhythm Technologies in the 3rd quarter worth approximately $59,000.

About iRhythm Technologies

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.