Irhythm Technologies (IRTC) Now Covered by Analysts at Royal Bank Of Canada

Royal Bank Of Canada began coverage on shares of Irhythm Technologies (NASDAQ:IRTC) in a research report sent to investors on Monday. The firm issued an outperform rating and a $79.00 price target on the stock.

A number of other analysts have also weighed in on the company. Dougherty & Co began coverage on Irhythm Technologies in a report on Friday. They set a neutral rating for the company. Canaccord Genuity restated a buy rating and set a $59.00 target price on shares of Irhythm Technologies in a report on Tuesday, November 14th. Morgan Stanley upped their target price on Irhythm Technologies from $50.00 to $65.00 and gave the stock an overweight rating in a report on Friday, November 3rd. ValuEngine upgraded Irhythm Technologies from a sell rating to a hold rating in a report on Saturday, October 21st. Finally, Zacks Investment Research lowered Irhythm Technologies from a buy rating to a hold rating in a report on Wednesday, October 11th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $65.25.

Irhythm Technologies (NASDAQ:IRTC) traded down $1.06 during trading on Monday, reaching $52.29. The company’s stock had a trading volume of 402,200 shares, compared to its average volume of 263,711. The company has a quick ratio of 7.57, a current ratio of 7.65 and a debt-to-equity ratio of 0.38. Irhythm Technologies has a one year low of $24.25 and a one year high of $57.90.

Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, November 1st. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. The company had revenue of $25.04 million during the quarter, compared to analyst estimates of $24.30 million. Irhythm Technologies had a negative return on equity of 27.67% and a negative net margin of 27.56%. Irhythm Technologies’s revenue was up 49.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($2.80) earnings per share. analysts anticipate that Irhythm Technologies will post -1.17 earnings per share for the current fiscal year.

In other news, Director Raymond W. Scott sold 8,088 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $48.00, for a total transaction of $388,224.00. Following the completion of the sale, the director now owns 8,088 shares in the company, valued at approximately $388,224. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Raymond W. Scott sold 4,661 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $48.02, for a total value of $223,821.22. Following the sale, the director now owns 4,661 shares of the company’s stock, valued at approximately $223,821.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 337,362 shares of company stock valued at $17,403,035. Company insiders own 23.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Research Global Investors increased its position in shares of Irhythm Technologies by 103.2% in the 2nd 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 period. FMR LLC increased its position in shares of Irhythm Technologies by 382.2% in the 2nd 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 period. Franklin Resources Inc. increased its position in shares of Irhythm Technologies by 5.0% in the 2nd quarter. Franklin Resources Inc. now owns 1,109,613 shares of the company’s stock valued at $47,147,000 after acquiring an additional 53,260 shares during the period. TimesSquare Capital Management LLC increased its position in shares of Irhythm Technologies by 43.7% in the 2nd quarter. TimesSquare Capital Management LLC now owns 1,060,230 shares of the company’s stock valued at $45,049,000 after acquiring an additional 322,300 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Irhythm Technologies by 644.3% in the 2nd 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 period. Hedge funds and other institutional investors own 97.80% of the company’s stock.

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About Irhythm Technologies

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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