iRhythm Technologies (NASDAQ:IRTC) Price Target Lowered to $200.00 at Robert W. Baird

by · The Markets Daily

iRhythm Technologies (NASDAQ:IRTC – Get Free Report) had its target price reduced by equities research analysts at Robert W. Baird from $220.00 to $200.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s target price points to a potential upside of 36.14% from the stock’s previous close.

Several other equities analysts have also issued reports on IRTC. Loop Capital set a $220.00 price target on iRhythm Technologies in a research note on Friday, October 31st. Citigroup increased their target price on shares of iRhythm Technologies from $205.00 to $242.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Truist Financial set a $200.00 price objective on iRhythm Technologies in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of iRhythm Technologies from $190.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a research note on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $216.54.

Check Out Our Latest Analysis on IRTC

iRhythm Technologies Stock Performance

IRTC stock traded down $11.98 during midday trading on Friday, hitting $146.91. The stock had a trading volume of 1,119,573 shares, compared to its average volume of 709,572. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The company has a current ratio of 4.63, a quick ratio of 4.50 and a debt-to-equity ratio of 5.32. The stock has a 50-day simple moving average of $165.01 and a 200 day simple moving average of $171.39. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of -91.24 and a beta of 1.06.

iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.27. The company had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative return on equity of 41.86% and a negative net margin of 7.32%.The company’s revenue was up 27.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.04) EPS. As a group, equities research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Chad Patterson sold 280 shares of iRhythm Technologies stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $184.83, for a total value of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares in the company, valued at $8,019,219.21. The trade was a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Michael Murphy sold 2,478 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $458,008.74. Following the transaction, the insider directly owned 53,281 shares in the company, valued at $9,847,927.23. This represents a 4.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently added to or reduced their stakes in IRTC. Royal Bank of Canada raised its stake in iRhythm Technologies by 423.0% in the first quarter. Royal Bank of Canada now owns 7,573 shares of the company’s stock valued at $793,000 after purchasing an additional 6,125 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of iRhythm Technologies by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 433,780 shares of the company’s stock valued at $45,408,000 after purchasing an additional 108,941 shares in the last quarter. Strs Ohio acquired a new stake in iRhythm Technologies during the 1st quarter worth approximately $147,000. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of iRhythm Technologies by 13.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 2,410 shares of the company’s stock worth $371,000 after purchasing an additional 293 shares during the period. Finally, Mutual of America Capital Management LLC grew its position in shares of iRhythm Technologies by 9.3% in the 2nd quarter. Mutual of America Capital Management LLC now owns 22,652 shares of the company’s stock valued at $3,488,000 after buying an additional 1,925 shares during the last quarter.

iRhythm Technologies Company Profile

(Get Free Report)

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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