iRhythm Technologies (NASDAQ:IRTC) Issues Earnings Results

iRhythm Technologies (NASDAQ:IRTC) posted its earnings results on Thursday. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.30, Zacks reports. The company had revenue of $164.33 million for the quarter, compared to analysts’ expectations of $158.30 million. iRhythm Technologies had a negative return on equity of 118.83% and a negative net margin of 19.14%.

iRhythm Technologies Stock Up 6.1 %

NASDAQ:IRTC traded up $6.91 on Friday, hitting $119.58. 1,775,665 shares of the company’s stock traded hands, compared to its average volume of 344,914. iRhythm Technologies has a 1 year low of $55.92 and a 1 year high of $128.52. The company has a current ratio of 6.27, a quick ratio of 6.12 and a debt-to-equity ratio of 9.00. The company has a market cap of $3.74 billion, a PE ratio of -32.85 and a beta of 1.29. The firm has a 50-day moving average price of $101.77 and a 200-day moving average price of $83.61.

Insider Buying and Selling

In other iRhythm Technologies news, insider Patrick Michael Murphy sold 2,492 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $85.89, for a total transaction of $214,037.88. Following the completion of the sale, the insider now owns 35,327 shares of the company’s stock, valued at $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IRTC shares. Wells Fargo & Company raised their target price on iRhythm Technologies from $86.00 to $104.00 and gave the company an “equal weight” rating in a research note on Friday. Robert W. Baird cut their target price on iRhythm Technologies from $100.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Canaccord Genuity Group raised their target price on iRhythm Technologies from $125.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Truist Financial lifted their price objective on shares of iRhythm Technologies from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Friday. Finally, Oppenheimer lifted their price objective on shares of iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $115.55.

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.