Canaccord Genuity Group Boosts iRhythm Technologies (NASDAQ:IRTC) Price Target to $137.00

iRhythm Technologies (NASDAQ:IRTC) had its price target boosted by Canaccord Genuity Group from $122.00 to $137.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also commented on IRTC. Needham & Company LLC cut 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, August 2nd. JPMorgan Chase & Co. dropped their price objective on iRhythm Technologies from $133.00 to $100.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Truist Financial reiterated a buy rating and set a $117.00 price objective (down from $134.00) on shares of iRhythm Technologies in a research note on Friday, August 2nd. StockNews.com upgraded iRhythm Technologies from a sell rating to a hold rating in a research note on Thursday, September 19th. Finally, Morgan Stanley dropped their price objective 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. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $120.33.

iRhythm Technologies Stock Up 1.7 %

IRTC opened at $72.87 on Wednesday. The business has a 50 day moving average of $74.74 and a 200-day moving average of $92.85. The company has a current ratio of 6.92, a quick ratio of 6.76 and a debt-to-equity ratio of 6.50. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.12 and a beta of 1.22. iRhythm Technologies has a 1-year low of $60.88 and a 1-year high of $124.11.

iRhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.28. The business had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. iRhythm Technologies’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.61) earnings per share. As a group, sell-side analysts anticipate that iRhythm Technologies will post -2.66 earnings per share for the current year.

Insider Transactions at iRhythm Technologies

In other news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CMO Minang Turakhia sold 1,404 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $105.65, for a total transaction of $148,332.60. Following the sale, the chief marketing officer now owns 27,255 shares in the company, valued at $2,879,490.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chad Patterson sold 3,012 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $224,875.92. Following the completion of the transaction, the insider now owns 37,133 shares in the company, valued at approximately $2,772,349.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,476 shares of company stock worth $521,081. Insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in iRhythm Technologies by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock valued at $320,418,000 after acquiring an additional 35,694 shares during the last quarter. Capital Research Global Investors boosted its holdings in iRhythm Technologies by 5.1% in the fourth quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock valued at $267,132,000 after acquiring an additional 121,709 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in iRhythm Technologies by 5.9% in the second quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock valued at $153,745,000 after acquiring an additional 80,091 shares during the last quarter. Blair William & Co. IL boosted its holdings in iRhythm Technologies by 3.5% in the first quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock valued at $96,620,000 after acquiring an additional 27,842 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its holdings in iRhythm Technologies by 104.1% during the first quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after buying an additional 293,710 shares during 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.