Irhythm Technologies Inc (IRTC) Receives Consensus Rating of “Buy” from Brokerages

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Irhythm Technologies Inc (NASDAQ:IRTC) has been given a consensus rating of “Buy” by the twelve analysts that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $93.13.

A number of analysts recently weighed in on IRTC shares. JPMorgan Chase & Co. restated an “overweight” rating and issued a $100.00 target price on shares of Irhythm Technologies in a research report on Thursday, August 2nd. Morgan Stanley boosted their target price on Irhythm Technologies from $92.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, October 11th. BidaskClub upgraded Irhythm Technologies from a “hold” rating to a “buy” rating in a research report on Friday, July 6th. Canaccord Genuity restated a “buy” rating and issued a $93.00 target price on shares of Irhythm Technologies in a research report on Thursday, August 2nd. Finally, Dougherty & Co upgraded Irhythm Technologies from a “sell” rating to a “neutral” rating in a research report on Thursday, August 2nd.

In other Irhythm Technologies news, EVP Derrick Sung sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $88.01, for a total value of $880,100.00. Following the completion of the sale, the executive vice president now owns 29,458 shares in the company, valued at $2,592,598.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin M. King sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $82.90, for a total value of $4,974,000.00. Following the completion of the sale, the insider now owns 282,367 shares of the company’s stock, valued at approximately $23,408,224.30. The disclosure for this sale can be found here. Insiders sold a total of 90,000 shares of company stock valued at $7,505,200 in the last 90 days. 5.05% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Mutual of America Capital Management LLC lifted its position in Irhythm Technologies by 1.7% in the second quarter. Mutual of America Capital Management LLC now owns 42,997 shares of the company’s stock valued at $3,488,000 after purchasing an additional 700 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Irhythm Technologies by 119.9% during the second quarter. Great West Life Assurance Co. Can now owns 1,979 shares of the company’s stock valued at $161,000 after buying an additional 1,079 shares during the period. Legal & General Group Plc increased its stake in shares of Irhythm Technologies by 47.1% during the second quarter. Legal & General Group Plc now owns 3,718 shares of the company’s stock valued at $302,000 after buying an additional 1,191 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Irhythm Technologies during the second quarter valued at approximately $101,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Irhythm Technologies during the second quarter valued at approximately $140,000.

Shares of NASDAQ IRTC traded up $0.78 during midday trading on Tuesday, hitting $77.30. 2,480 shares of the company’s stock were exchanged, compared to its average volume of 298,677. Irhythm Technologies has a 12-month low of $46.95 and a 12-month high of $98.37. The company has a current ratio of 5.58, a quick ratio of 5.47 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -59.66 and a beta of 1.35.

Irhythm Technologies (NASDAQ:IRTC) last released its earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.12). The firm had revenue of $35.50 million during the quarter, compared to the consensus estimate of $32.52 million. Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The business’s quarterly revenue was up 48.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.29) EPS. On average, analysts predict that Irhythm Technologies will post -1.91 earnings per share for the current year.

Irhythm Technologies Company Profile

iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.

Further Reading: Yield Curve

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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