iRhythm Technologies (NASDAQ:IRTC) Given New $170.00 Price Target at Truist Financial

iRhythm Technologies (NASDAQ:IRTC) had its target price decreased by Truist Financial from $200.00 to $170.00 in a research note published on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. Wall Street Zen raised iRhythm Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Citigroup dropped their target price on iRhythm Technologies from $242.00 to $214.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Thursday, January 22nd. Robert W. Baird dropped their target price on iRhythm Technologies from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, February 20th. Finally, Morgan Stanley reissued an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, iRhythm Technologies has a consensus rating of “Moderate Buy” and an average target price of $202.92.

iRhythm Technologies Stock Up 1.0%

Shares of NASDAQ:IRTC opened at $124.41 on Wednesday. The business has a 50-day moving average price of $128.63 and a 200 day moving average price of $158.37. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of -88.86 and a beta of 1.18. iRhythm Technologies has a 12-month low of $97.16 and a 12-month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The firm had revenue of $208.89 million during the quarter, compared to the consensus estimate of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The company’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period last year, the company earned ($0.04) EPS. Sell-side analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Activity

In related news, insider Patrick Michael Murphy sold 4,357 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total transaction of $559,613.08. Following the completion of the sale, the insider owned 63,203 shares in the company, valued at $8,117,793.32. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mervin Smith sold 1,352 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.44, for a total value of $173,650.88. Following the sale, the executive vice president owned 25,612 shares of the company’s stock, valued at approximately $3,289,605.28. The trade was a 5.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 94,509 shares of company stock valued at $12,734,195 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

Several institutional investors have recently added to or reduced their stakes in IRTC. Royal Bank of Canada lifted its stake in iRhythm Technologies by 423.0% during the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock worth $793,000 after purchasing an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock worth $45,408,000 after purchasing an additional 108,941 shares during the last quarter. Strs Ohio purchased a new stake in iRhythm Technologies in the first quarter valued at approximately $147,000. Arrowstreet Capital Limited Partnership purchased a new stake in iRhythm Technologies in the second quarter valued at approximately $1,278,000. Finally, First Trust Advisors LP lifted its stake in iRhythm Technologies by 66.0% in the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock valued at $8,652,000 after buying an additional 22,337 shares during the last quarter.

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.