Irhythm Tech (NASDAQ:IRTC) had its target price upped by Canaccord Genuity from $55.00 to $59.00 in a report issued on Thursday, November 2nd. Canaccord Genuity currently has a buy rating on the stock.
Several other research analysts also recently issued reports on IRTC. Zacks Investment Research upgraded shares of Irhythm Tech from a sell rating to a buy rating and set a $58.00 price target for the company in a report on Wednesday, October 4th. ValuEngine upgraded Irhythm Tech from a sell rating to a hold rating in a report on Saturday, October 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Irhythm Tech has a consensus rating of Hold and an average target price of $60.67.
Shares of Irhythm Tech (NASDAQ IRTC) opened at $51.95 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 8.07 and a current ratio of 8.15. Irhythm Tech has a 12 month low of $24.25 and a 12 month high of $53.87.
Irhythm Tech (NASDAQ:IRTC) last announced its quarterly earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. The firm had revenue of $25.04 million for the quarter, compared to the consensus estimate of $24.30 million. Irhythm Tech had a negative return on equity of 27.33% and a negative net margin of 27.56%. The business’s revenue was up 49.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($2.80) earnings per share. equities analysts anticipate that Irhythm Tech will post -1.16 EPS for the current year.
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In related news, Director Raymond W. Scott sold 12,749 shares of Irhythm Tech stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $45.30, for a total value of $577,529.70. Following the completion of the transaction, the director now directly owns 12,749 shares in the company, valued at approximately $577,529.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin M. King sold 60,000 shares of Irhythm Tech stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $51.85, for a total transaction of $3,111,000.00. Following the completion of the transaction, the insider now owns 103,042 shares of the company’s stock, valued at $5,342,727.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,111 shares of company stock valued at $6,258,065. Company insiders own 23.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of IRTC. FMR LLC raised its position in Irhythm Tech by 382.2% in the 2nd quarter. FMR LLC now owns 1,542,886 shares of the company’s stock worth $65,557,000 after purchasing an additional 1,222,886 shares during the period. Capital Research Global Investors boosted its stake in Irhythm Tech by 103.2% during the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock worth $101,941,000 after acquiring an additional 1,218,580 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Irhythm Tech by 644.3% during the second quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock worth $37,561,000 after acquiring an additional 765,218 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Irhythm Tech by 2,702.1% during the second quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock worth $25,794,000 after acquiring an additional 585,390 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in Irhythm Tech during the second quarter worth about $21,300,000. 95.22% of the stock is owned by institutional investors.
About Irhythm Tech
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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