IRHYTHM TECH (NASDAQ:IRTC) had its price target boosted by analysts at Morgan Stanley from $50.00 to $65.00 in a note issued to investors on Friday. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 21.18% from the stock’s current price.
A number of other research analysts have also recently issued reports on the company. Canaccord Genuity lifted their target price on Irhythm Tech from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday. ValuEngine upgraded Irhythm Tech from a “sell” rating to a “hold” rating in a research report on Saturday, October 21st. Finally, Zacks Investment Research cut Irhythm Tech from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $48.80.
IRHYTHM TECH (NASDAQ:IRTC) traded up $3.09 during midday trading on Friday, hitting $53.81. 348,893 shares of the company were exchanged, compared to its average volume of 227,539.
Irhythm Tech (NASDAQ:IRTC) last released its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.05. Irhythm Tech had a negative return on equity of 27.33% and a negative net margin of 27.56%. The firm had revenue of $25.04 million for the quarter, compared to analysts’ expectations of $24.30 million. During the same quarter in the previous year, the business posted ($2.80) earnings per share. The business’s revenue for the quarter was up 49.2% on a year-over-year basis. sell-side analysts expect that IRHYTHM TECH will post -1.16 EPS for the current year.
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In related news, Director Raymond W. Scott sold 4,661 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $48.02, for a total value of $223,821.22. Following the sale, the director now directly owns 4,661 shares in the company, valued at $223,821.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vijay K. Lathi sold 34,613 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $49.51, for a total value of $1,713,689.63. Following the completion of the sale, the director now owns 1,405 shares in the company, valued at $69,561.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,014 shares of company stock worth $5,453,106. Company insiders own 23.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in IRTC. FMR LLC boosted its holdings in Irhythm Tech by 382.2% in the second quarter. FMR LLC now owns 1,542,886 shares of the company’s stock valued at $65,557,000 after acquiring an additional 1,222,886 shares during the last quarter. Capital Research Global Investors boosted its holdings in Irhythm Tech by 103.2% in the second quarter. Capital Research Global Investors now owns 2,399,180 shares of the company’s stock valued at $101,941,000 after acquiring an additional 1,218,580 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Irhythm Tech by 644.3% in the second quarter. Alliancebernstein L.P. now owns 883,986 shares of the company’s stock valued at $37,561,000 after acquiring an additional 765,218 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Irhythm Tech by 2,702.1% in the second quarter. Bank of New York Mellon Corp now owns 607,054 shares of the company’s stock valued at $25,794,000 after acquiring an additional 585,390 shares during the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in Irhythm Tech in the second quarter valued at approximately $21,300,000. Institutional investors and hedge funds own 94.20% of the company’s stock.
IRHYTHM TECH Company Profile
iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.
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