Oppenheimer Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $145.00

iRhythm Technologies (NASDAQ:IRTC) had its price target lowered by Oppenheimer from $165.00 to $145.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC decreased their target price on iRhythm Technologies from $138.00 to $119.00 and set a buy rating for the company in a research note on Friday. Canaccord Genuity Group decreased their target price on iRhythm Technologies from $133.00 to $122.00 and set a buy rating for the company in a research note on Friday, May 3rd. Truist Financial reaffirmed a buy rating and set a $117.00 target price (down previously from $134.00) on shares of iRhythm Technologies in a research note on Friday. Morgan Stanley decreased their target price on iRhythm Technologies from $135.00 to $130.00 and set an overweight rating for the company in a research note on Monday, July 15th. Finally, Wolfe Research raised iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 target price for the company in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $118.67.

iRhythm Technologies Stock Performance

Shares of NASDAQ:IRTC traded down $10.34 on Friday, hitting $73.88. The company’s stock had a trading volume of 1,772,462 shares, compared to its average volume of 337,934. iRhythm Technologies has a 12 month low of $70.24 and a 12 month high of $124.11. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -17.47 and a beta of 1.25. The stock’s 50-day moving average is $95.22 and its two-hundred day moving average is $105.06. The company has a debt-to-equity ratio of 7.13, a quick ratio of 6.95 and a current ratio of 7.10.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.31. iRhythm Technologies had a negative return on equity of 75.14% and a negative net margin of 24.50%. The company had revenue of $148.05 million during the quarter, compared to analysts’ expectations of $146.15 million. During the same quarter in the prior year, the business posted ($0.61) earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities research analysts forecast that iRhythm Technologies will post -3.22 EPS for the current year.

Insider Activity at iRhythm Technologies

In related news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total value of $148,332.60. Following the completion of the sale, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sumi Shrishrimal sold 1,131 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $88.91, for a total value of $100,557.21. Following the completion of the sale, the executive vice president now directly owns 23,298 shares of the company’s stock, valued at $2,071,425.18. The disclosure for this sale can be found here. Insiders sold 3,045 shares of company stock worth $294,234 in the last quarter. 0.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On iRhythm Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC raised its stake in shares of iRhythm Technologies by 10,650.0% during the 1st quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after purchasing an additional 426 shares in the last quarter. Nisa Investment Advisors LLC raised its stake 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 purchasing an additional 277 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of iRhythm Technologies during the 4th quarter worth about $92,000. SG Americas Securities LLC purchased a new stake in shares of iRhythm Technologies during the 1st quarter worth about $126,000. Finally, Russell Investments Group Ltd. raised its stake in shares of iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock worth $185,000 after purchasing an additional 1,594 shares in the last quarter.

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.