iRhythm Technologies (NASDAQ:IRTC – Get Free Report)‘s stock had its “buy” rating reiterated by research analysts at BTIG Research in a report issued on Wednesday,Benzinga reports. They presently have a $185.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 62.52% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on IRTC. Citigroup lifted their price objective on shares of iRhythm Technologies from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. HC Wainwright restated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Weiss Ratings cut iRhythm Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 2nd. Needham & Company LLC raised their target price on iRhythm Technologies from $254.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Finally, The Goldman Sachs Group decreased their target price on iRhythm Technologies from $184.00 to $147.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $187.38.
Read Our Latest Research Report on IRTC
iRhythm Technologies Trading Up 6.2%
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $199.39 million during the quarter, compared to analysts’ expectations of $194.11 million. During the same quarter last year, the business posted ($0.97) EPS. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. Sell-side analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the purchase, the director directly owned 25,611 shares of the company’s stock, valued at $274,293.81. This represents a 26.17% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 currently owned by company insiders.
Institutional Investors Weigh In On iRhythm Technologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRTC. Royal Bank of Canada grew its position in shares of 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 acquiring an additional 6,125 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of iRhythm Technologies by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after buying an additional 108,941 shares during the last quarter. Strs Ohio purchased a new stake in shares of iRhythm Technologies in the first quarter valued at about $147,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of iRhythm Technologies during the second quarter worth about $1,278,000. Finally, First Trust Advisors LP grew its holdings in shares of iRhythm Technologies by 66.0% during the second quarter. First Trust Advisors LP now owns 56,197 shares of the company’s stock worth $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.
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