Irhythm Technologies (IRTC) Trading Up 7.4% After Analyst Upgrade

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.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Irhythm Technologies by 5.0% during the 3rd quarter. BlackRock Inc. now owns 2,216,983 shares of the company’s stock valued at $209,858,000 after purchasing an additional 105,780 shares during the last quarter. Vanguard Group Inc increased its position in shares of Irhythm Technologies by 54.0% during the 3rd quarter. Vanguard Group Inc now owns 1,350,269 shares of the company’s stock valued at $127,816,000 after purchasing an additional 473,235 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Irhythm Technologies by 54.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,350,269 shares of the company’s stock valued at $127,816,000 after purchasing an additional 473,235 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Irhythm Technologies by 3.3% during the 4th quarter. Bank of New York Mellon Corp now owns 422,123 shares of the company’s stock valued at $29,330,000 after purchasing an additional 13,572 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of Irhythm Technologies by 94.8% during the 3rd quarter. Deutsche Bank AG now owns 328,507 shares of the company’s stock valued at $31,093,000 after purchasing an additional 159,910 shares during the last quarter. 99.80% of the stock is owned by hedge funds and other institutional investors.

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.

COPYRIGHT VIOLATION NOTICE: “Irhythm Technologies (IRTC) Trading Up 7.4% After Analyst Upgrade” was originally reported by Community Financial News and is the property of of Community Financial News. If you are viewing this story on another site, it was stolen and republished in violation of international copyright and trademark law. The legal version of this story can be viewed at https://www.com-unik.info/2019/02/14/irhythm-technologies-irtc-trading-up-7-4-after-analyst-upgrade.html.

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.

Further Reading: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps

Receive News & Ratings for Irhythm Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Irhythm Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit