The Goldman Sachs Group Issues Pessimistic Forecast for iRhythm Technologies (NASDAQ:IRTC) Stock Price
by Jessica Moore · The Cerbat GemiRhythm Technologies (NASDAQ:IRTC – Get Free Report) had its target price cut by The Goldman Sachs Group from $184.00 to $147.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 24.11% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Evercore upgraded iRhythm Technologies from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $194.00 to $210.00 in a report on Monday, January 5th. Wells Fargo & Company dropped their price target on shares of iRhythm Technologies from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Canaccord Genuity Group dropped their price target on shares of iRhythm Technologies from $212.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Morgan Stanley reissued 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.23.
View Our Latest Stock Report on IRTC
iRhythm Technologies Price Performance
Shares of iRhythm Technologies stock traded down $2.05 on Thursday, hitting $118.45. 136,620 shares of the company were exchanged, compared to its average volume of 668,276. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of -84.96 and a beta of 1.18. The company has a 50-day moving average price of $132.06 and a 200 day moving average price of $160.29. iRhythm Technologies has a 1-year low of $95.74 and a 1-year high of $212.00. The company has a quick ratio of 4.48, a current ratio of 4.63 and a debt-to-equity ratio of 4.25.
iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.27. The business had revenue of $208.89 million for the quarter, compared to analysts’ expectations of $202.61 million. iRhythm Technologies had a negative return on equity of 28.15% and a negative net margin of 5.96%.The business’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. As a group, sell-side analysts predict that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.
Insider Buying and Selling at iRhythm Technologies
In other iRhythm Technologies news, EVP Minang Turakhia sold 4,027 shares of iRhythm Technologies stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.45, for a total transaction of $517,268.15. Following the completion of the sale, the executive vice president directly owned 54,906 shares in the company, valued at $7,052,675.70. This trade represents a 6.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Michael Murphy sold 4,357 shares of iRhythm Technologies stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.44, for a total transaction of $559,613.08. Following the sale, the insider owned 63,203 shares of the company’s stock, valued at approximately $8,117,793.32. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 94,509 shares of company stock valued at $12,734,195. 1.10% of the stock is currently owned by company insiders.
Institutional Trading of iRhythm Technologies
A number of institutional investors and hedge funds have recently bought and sold shares of IRTC. Tudor Investment Corp ET AL purchased a new stake in iRhythm Technologies during the third quarter worth about $3,439,800,000. RTW Investments LP acquired a new stake in iRhythm Technologies in the 4th quarter valued at about $209,732,000. Millennium Management LLC raised its position in iRhythm Technologies by 197.4% in the 4th quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock valued at $146,632,000 after purchasing an additional 548,519 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in iRhythm Technologies by 6,415.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 541,039 shares of the company’s stock valued at $93,053,000 after purchasing an additional 532,735 shares in the last quarter. Finally, Polar Capital Holdings Plc raised its position in iRhythm Technologies by 24,782.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 335,908 shares of the company’s stock valued at $57,773,000 after purchasing an additional 334,558 shares in the last quarter.
About iRhythm Technologies
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.