The Goldman Sachs Group Begins Coverage on iRhythm Technologies (NASDAQ:IRTC)

by · The Markets Daily

The Goldman Sachs Group began coverage on shares of iRhythm Technologies (NASDAQ:IRTC – Free Report) in a research note released on Friday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $78.00 price objective on the stock.

Several other equities analysts also recently weighed in on IRTC. Citigroup dropped their price target on shares of iRhythm Technologies from $135.00 to $110.00 and set a buy rating for the company in a research report on Thursday, August 22nd. Wolfe Research raised shares of iRhythm Technologies from a peer perform rating to an outperform rating and set a $115.00 price target on the stock in a report on Thursday, June 20th. Robert W. Baird dropped their price target on iRhythm Technologies from $120.00 to $110.00 and set an outperform rating for the company in a research report on Friday, August 2nd. Morgan Stanley lowered their target price 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. Finally, StockNews.com lowered iRhythm Technologies from a hold rating to a sell rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $116.10.

Check Out Our Latest Analysis on iRhythm Technologies

iRhythm Technologies Trading Down 5.4 %

Shares of IRTC opened at $62.71 on Friday. iRhythm Technologies has a twelve month low of $60.88 and a twelve month high of $124.11. The company has a quick ratio of 6.76, a current ratio of 6.92 and a debt-to-equity ratio of 6.50. The stock has a market cap of $1.95 billion, a PE ratio of -14.83 and a beta of 1.22. The business’s 50-day moving average price is $71.54 and its 200-day moving average price is $91.21.

iRhythm Technologies (NASDAQ:IRTC – Get Free Report) last posted its quarterly 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. iRhythm Technologies had a negative net margin of 24.50% and a negative return on equity of 84.14%. The company had revenue of $148.05 million during the quarter, compared to analyst estimates of $146.15 million. During the same period in the prior year, the business posted ($0.61) EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. On average, equities analysts forecast that iRhythm Technologies will post -2.66 EPS for the current fiscal year.

Insider Buying and Selling

In other iRhythm Technologies news, insider Chad Patterson sold 3,012 shares of iRhythm Technologies 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 sale, the insider now owns 37,133 shares in the company, valued at $2,772,349.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Brice Bobzien sold 1,372 shares of iRhythm Technologies stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.34, for a total value of $96,506.48. Following the completion of the sale, the chief financial officer now owns 24,428 shares in the company, valued at $1,718,265.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chad Patterson sold 3,012 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $74.66, for a total transaction of $224,875.92. Following the completion of the sale, the insider now owns 37,133 shares of the company’s stock, valued at approximately $2,772,349.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,072 shares of company stock valued at $372,748 in the last 90 days. 0.68% of the stock is owned by insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC lifted its holdings in iRhythm Technologies by 10,650.0% in the first quarter. Headlands Technologies LLC now owns 430 shares of the company’s stock worth $50,000 after buying an additional 426 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of iRhythm Technologies by 79.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 625 shares of the company’s stock valued at $67,000 after acquiring an additional 277 shares during the last quarter. SG Americas Securities LLC bought a new stake in iRhythm Technologies in the first quarter worth $126,000. Russell Investments Group Ltd. grew its holdings in iRhythm Technologies by 79,700.0% during the 1st quarter. Russell Investments Group Ltd. now owns 1,596 shares of the company’s stock valued at $185,000 after purchasing an additional 1,594 shares during the last quarter. Finally, SeaCrest Wealth Management LLC grew its holdings in shares of iRhythm Technologies by 7.6% in the second quarter. SeaCrest Wealth Management LLC now owns 2,125 shares of the company’s stock worth $229,000 after purchasing an additional 150 shares during the last quarter.

About iRhythm Technologies

(Get Free Report)

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.

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