Irhythm Technologies Inc (NASDAQ:IRTC)’s share price was up 7.4% during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock to $109.00. Royal Bank of Canada currently has an outperform rating on the stock. Irhythm Technologies traded as high as $96.69 and last traded at $90.54. Approximately 1,133,095 shares traded hands during mid-day trading, an increase of 235% from the average daily volume of 338,110 shares. The stock had previously closed at $84.32.
IRTC has been the topic of a number of other reports. Zacks Investment Research cut Irhythm Technologies from a “buy” rating to a “hold” rating in a report on Saturday, November 3rd. Canaccord Genuity raised their price objective on Irhythm Technologies from $84.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, January 11th. BidaskClub cut Irhythm Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. Morgan Stanley raised their price objective on Irhythm Technologies from $85.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BMO Capital Markets raised their price objective on Irhythm Technologies from $96.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $99.88.
In other Irhythm Technologies news, CFO Matthew C. Garrett sold 20,203 shares of the firm’s stock in a transaction on Wednesday, January 16th. The stock was sold at an average price of $85.00, for a total transaction of $1,717,255.00. Following the transaction, the chief financial officer now directly owns 40,407 shares in the company, valued at approximately $3,434,595. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Derrick Sung sold 9,068 shares of the firm’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $84.04, for a total value of $762,074.72. Following the sale, the executive vice president now directly owns 31,258 shares of the company’s stock, valued at $2,626,922.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,447 shares of company stock worth $3,026,782. Company insiders own 5.05% of the company’s stock.
The stock has a market cap of $2.05 billion, a PE ratio of -69.65 and a beta of 1.77. The company has a quick ratio of 4.69, a current ratio of 4.79 and a debt-to-equity ratio of 0.51.
Irhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Tuesday, February 12th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.03). Irhythm Technologies had a negative net margin of 33.79% and a negative return on equity of 62.85%. The business had revenue of $43.16 million for the quarter, compared to analysts’ expectations of $40.21 million. During the same period in the prior year, the business earned ($0.48) earnings per share. The company’s revenue for the quarter was up 53.2% compared to the same quarter last year. As a group, analysts predict that Irhythm Technologies Inc will post -1.87 EPS for the current year.
About Irhythm Technologies (NASDAQ:IRTC)
iRhythm Technologies, Inc, a digital healthcare company, provides ambulatory electrocardiogram (ECG) monitoring products for patients at risk for arrhythmias in the United States. The company offers Zio service, an ambulatory cardiac monitoring solution that combines a wire-free, patch-based, and wearable biosensor with a cloud-based data analytic platform to help physicians to monitor patients and diagnose arrhythmias.
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