Wells Fargo & Company Forecasts Strong Price Appreciation for iRhythm Technologies (NASDAQ:IRTC) Stock

iRhythm Technologies (NASDAQ:IRTC) had its price objective hoisted by equities research analysts at Wells Fargo & Company from $220.00 to $225.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 44.73% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $244.00 target price on shares of iRhythm Technologies in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of iRhythm Technologies in a research report on Wednesday, October 8th. Loop Capital set a $220.00 price objective on iRhythm Technologies in a research note on Friday, October 31st. Citigroup boosted their price objective on iRhythm Technologies from $205.00 to $242.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Evercore ISI upgraded shares of iRhythm Technologies from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $194.00 to $210.00 in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $219.23.

iRhythm Technologies Stock Down 8.0%

Shares of IRTC stock traded down $13.53 during trading hours on Tuesday, hitting $155.47. 296,385 shares of the company’s stock traded hands, compared to its average volume of 493,949. The company has a quick ratio of 4.50, a current ratio of 4.63 and a debt-to-equity ratio of 5.32. The stock’s fifty day simple moving average is $176.98 and its two-hundred day simple moving average is $168.62. iRhythm Technologies has a 12-month low of $92.52 and a 12-month high of $212.00. The stock has a market cap of $5.01 billion, a price-to-earnings ratio of -96.41 and a beta of 1.12.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.30. The company had revenue of $192.88 million for the quarter, compared to the consensus estimate of $184.75 million. iRhythm Technologies had a negative net margin of 7.32% and a negative return on equity of 41.86%. iRhythm Technologies’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.26) EPS. On average, analysts expect that iRhythm Technologies will post -1.98 EPS for the current year.

Insider Transactions at iRhythm Technologies

In related news, CFO Daniel G. Wilson sold 8,000 shares of the firm’s stock in a transaction on Friday, October 31st. The shares were sold at an average price of $207.44, for a total value of $1,659,520.00. Following the completion of the transaction, the chief financial officer directly owned 26,470 shares of the company’s stock, valued at approximately $5,490,936.80. This trade represents a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chad Patterson sold 280 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $184.83, for a total transaction of $51,752.40. Following the completion of the sale, the insider owned 43,387 shares in the company, valued at $8,019,219.21. This represents a 0.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,817 shares of company stock valued at $4,741,235 over the last three months. Corporate insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock worth $33,000 after purchasing an additional 60 shares in the last quarter. US Bancorp DE lifted its stake in shares of iRhythm Technologies by 7.8% in the 3rd quarter. US Bancorp DE now owns 1,042 shares of the company’s stock valued at $179,000 after purchasing an additional 75 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in iRhythm Technologies by 2.9% during the second quarter. Ameritas Investment Partners Inc. now owns 3,256 shares of the company’s stock worth $501,000 after buying an additional 93 shares in the last quarter. Alliancebernstein L.P. grew its position in iRhythm Technologies by 0.3% during the third quarter. Alliancebernstein L.P. now owns 37,489 shares of the company’s stock valued at $6,448,000 after buying an additional 95 shares during the period. Finally, California State Teachers Retirement System increased its holdings in iRhythm Technologies by 0.3% in the second quarter. California State Teachers Retirement System now owns 28,917 shares of the company’s stock valued at $4,452,000 after buying an additional 99 shares in the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.