StockNews.com Upgrades iRhythm Technologies (NASDAQ:IRTC) to Hold

iRhythm Technologies (NASDAQ:IRTC) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC lifted their target price on iRhythm Technologies from $125.00 to $138.00 and gave the company a “buy” rating in a research report on Friday, February 21st. The Goldman Sachs Group raised their price target on shares of iRhythm Technologies from $91.00 to $124.00 and gave the company a “neutral” rating in a research report on Monday. Wells Fargo & Company upped their price objective on shares of iRhythm Technologies from $86.00 to $104.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Canaccord Genuity Group lifted their target price on shares of iRhythm Technologies from $125.00 to $152.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Oppenheimer upped their target price on iRhythm Technologies from $105.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $119.73.

iRhythm Technologies Trading Down 4.2 %

Shares of iRhythm Technologies stock opened at $113.91 on Monday. The stock has a market capitalization of $3.58 billion, a PE ratio of -31.29 and a beta of 1.29. iRhythm Technologies has a 52 week low of $55.92 and a 52 week high of $128.52. The stock has a 50 day moving average price of $102.79 and a two-hundred day moving average price of $84.43. The company has a debt-to-equity ratio of 9.00, a quick ratio of 6.12 and a current ratio of 6.27.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.30. The business had revenue of $164.33 million during the quarter, compared to the consensus estimate of $158.30 million. iRhythm Technologies had a negative net margin of 19.14% and a negative return on equity of 118.83%. As a group, equities analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick Michael Murphy sold 2,492 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $85.89, for a total value of $214,037.88. Following the sale, the insider now directly owns 35,327 shares of the company’s stock, valued at approximately $3,034,236.03. This represents a 6.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.68% of the company’s stock.

Hedge Funds Weigh In On iRhythm Technologies

Several hedge funds have recently bought and sold shares of the company. Eventide Asset Management LLC grew its position in shares of iRhythm Technologies by 170.8% during the 3rd quarter. Eventide Asset Management LLC now owns 736,721 shares of the company’s stock valued at $54,694,000 after purchasing an additional 464,629 shares in the last quarter. First Light Asset Management LLC purchased a new position in iRhythm Technologies during the fourth quarter worth about $38,818,000. Bessemer Group Inc. increased its stake in iRhythm Technologies by 111.7% in the 4th quarter. Bessemer Group Inc. now owns 568,007 shares of the company’s stock worth $51,217,000 after acquiring an additional 299,726 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of iRhythm Technologies by 364.8% in the 4th quarter. Frontier Capital Management Co. LLC now owns 355,147 shares of the company’s stock valued at $32,024,000 after acquiring an additional 278,743 shares in the last quarter. Finally, Braidwell LP increased its position in shares of iRhythm Technologies by 48.7% in the third quarter. Braidwell LP now owns 782,557 shares of the company’s stock worth $58,097,000 after purchasing an additional 256,200 shares during the last quarter.

About iRhythm Technologies

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.