Citigroup Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $214.00

iRhythm Technologies (NASDAQ:IRTC) had its price target cut by stock analysts at Citigroup from $242.00 to $214.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 75.08% from the stock’s previous close.

A number of other research analysts also recently weighed in on IRTC. Truist Financial reaffirmed a “buy” rating and set a $200.00 price target (down from $215.00) on shares of iRhythm Technologies in a research note on Friday, February 20th. Morgan Stanley reaffirmed an “overweight” rating on shares of iRhythm Technologies in a research report on Monday, January 12th. JPMorgan Chase & Co. reduced their price target on shares of iRhythm Technologies from $240.00 to $215.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Freedom Capital upgraded shares of iRhythm Technologies to a “strong-buy” rating in a report on Thursday, January 15th. Finally, Wall Street Zen raised shares of iRhythm Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Two research analysts have 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, the company has a consensus rating of “Moderate Buy” and an average target price of $209.46.

iRhythm Technologies Price Performance

NASDAQ:IRTC traded up $1.70 on Wednesday, hitting $122.23. The company had a trading volume of 137,345 shares, compared to its average volume of 723,123. The company has a current ratio of 4.63, a quick ratio of 4.48 and a debt-to-equity ratio of 4.25. iRhythm Technologies has a 52 week low of $92.52 and a 52 week high of $212.00. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -87.00 and a beta of 1.09. The firm has a 50 day moving average of $154.14 and a two-hundred day moving average of $168.79.

iRhythm Technologies (NASDAQ:IRTC) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.27. The company had revenue of $208.89 million for the quarter, compared to analyst estimates of $202.61 million. iRhythm Technologies had a negative net margin of 5.96% and a negative return on equity of 28.15%. iRhythm Technologies’s revenue was up 27.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.04) earnings per share. On average, research analysts anticipate that iRhythm Technologies will post -1.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Minang Turakhia sold 7,804 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total value of $1,056,817.68. Following the sale, the executive vice president directly owned 48,899 shares in the company, valued at approximately $6,621,902.58. The trade was a 13.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Quentin S. Blackford sold 25,540 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $135.42, for a total transaction of $3,458,626.80. Following the transaction, the chief executive officer owned 186,126 shares of the company’s stock, valued at $25,205,182.92. This represents a 12.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 94,509 shares of company stock valued at $12,734,195 in the last quarter. 0.68% of the stock is currently owned by company insiders.

Institutional Trading of iRhythm Technologies

A number of hedge funds have recently bought and sold shares of the company. Root Financial Partners LLC purchased a new stake in iRhythm Technologies in the third quarter worth approximately $30,000. Measured Wealth Private Client Group LLC bought a new stake in shares of iRhythm Technologies in the 3rd quarter worth approximately $30,000. GAMMA Investing LLC boosted its stake in shares of iRhythm Technologies by 48.4% in the 4th quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of iRhythm Technologies by 100.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 198 shares of the company’s stock valued at $34,000 after purchasing an additional 99 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in iRhythm Technologies in the 3rd quarter worth $34,000.

iRhythm Technologies Company Profile

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.