iRhythm Technologies (NASDAQ:IRTC) Price Target Raised to $111.00 at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its target price raised by analysts at Truist Financial from $85.00 to $111.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 26.63% from the stock’s previous close.

IRTC has been the topic of a number of other research reports. Wells Fargo & Company restated an “equal weight” rating and set a $86.00 price target on shares of iRhythm Technologies in a report on Tuesday, December 3rd. Citigroup reduced their price target on iRhythm Technologies from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. StockNews.com lowered iRhythm Technologies from a “hold” rating to a “sell” rating in a report on Friday, September 27th. Robert W. Baird reduced their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, Needham & Company LLC decreased their target price on iRhythm Technologies from $119.00 to $96.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $109.27.

iRhythm Technologies Stock Performance

Shares of NASDAQ IRTC opened at $87.66 on Wednesday. The company has a debt-to-equity ratio of 9.00, a current ratio of 6.27 and a quick ratio of 6.12. iRhythm Technologies has a one year low of $55.92 and a one year high of $124.11. The business’s 50-day moving average price is $79.71 and its two-hundred day moving average price is $81.24. The company has a market capitalization of $2.74 billion, a P/E ratio of -18.04 and a beta of 1.26.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.71). The firm had revenue of $147.54 million during the quarter, compared to analyst estimates of $146.69 million. iRhythm Technologies had a negative return on equity of 120.86% and a negative net margin of 26.90%. The company’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.89) EPS. Analysts anticipate that iRhythm Technologies will post -3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at iRhythm Technologies

In related news, insider Patrick Michael Murphy sold 2,492 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the transaction, the insider now directly owns 35,327 shares in the company, valued at $3,034,236.03. The trade was a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Abhijit Y. Talwalkar acquired 6,664 shares of iRhythm Technologies stock in a transaction on Monday, November 4th. The stock was purchased at an average price of $75.16 per share, with a total value of $500,866.24. Following the transaction, the director now directly owns 18,941 shares in the company, valued at approximately $1,423,605.56. This trade represents a 54.28 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IRTC. Quarry LP acquired a new stake in iRhythm Technologies during the third quarter worth $59,000. Nisa Investment Advisors LLC lifted its holdings in shares of iRhythm Technologies by 79.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock worth $67,000 after acquiring an additional 277 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of iRhythm Technologies during the 3rd quarter valued at about $119,000. nVerses Capital LLC increased its stake in iRhythm Technologies by 400.0% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the company’s stock valued at $148,000 after acquiring an additional 1,600 shares during the period. Finally, Bank Pictet & Cie Europe AG increased its stake in iRhythm Technologies by 22.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 3,105 shares of the company’s stock valued at $231,000 after acquiring an additional 567 shares during the period.

iRhythm Technologies Company Profile

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.