Canaccord Genuity Group Cuts iRhythm Technologies (NASDAQ:IRTC) Price Target to $122.00

iRhythm Technologies (NASDAQ:IRTC) had its price target dropped by equities research analysts at Canaccord Genuity Group from $133.00 to $122.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 18.82% from the stock’s previous close.

IRTC has been the topic of several other reports. JPMorgan Chase & Co. reduced their price target on iRhythm Technologies from $142.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Needham & Company LLC raised their price target on iRhythm Technologies from $137.00 to $138.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.00.

iRhythm Technologies Trading Down 7.4 %

NASDAQ IRTC traded down $8.20 during trading on Friday, hitting $102.68. The company had a trading volume of 884,209 shares, compared to its average volume of 429,999. The company’s fifty day moving average is $111.02 and its 200-day moving average is $102.94. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -25.35 and a beta of 1.31. The company has a current ratio of 2.15, a quick ratio of 2.02 and a debt-to-equity ratio of 0.17. iRhythm Technologies has a one year low of $70.24 and a one year high of $134.45.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($1.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.66). The company had revenue of $132.51 million during the quarter, compared to the consensus estimate of $131.14 million. iRhythm Technologies had a negative return on equity of 56.38% and a negative net margin of 25.05%. On average, sell-side analysts predict that iRhythm Technologies will post -3.14 earnings per share for the current year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, CEO Quentin S. Blackford sold 24,701 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $3,012,533.96. Following the completion of the transaction, the chief executive officer now owns 180,015 shares of the company’s stock, valued at approximately $21,954,629.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Patrick Michael Murphy sold 7,615 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $121.96, for a total value of $928,725.40. Following the transaction, the insider now directly owns 48,962 shares in the company, valued at approximately $5,971,405.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Quentin S. Blackford sold 24,701 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $121.96, for a total value of $3,012,533.96. Following the sale, the chief executive officer now owns 180,015 shares of the company’s stock, valued at approximately $21,954,629.40. The disclosure for this sale can be found here. Insiders have sold 35,052 shares of company stock valued at $4,274,942 over the last ninety days. Insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IRTC. Covestor Ltd increased its stake in shares of iRhythm Technologies by 285.2% in the 3rd quarter. Covestor Ltd now owns 312 shares of the company’s stock worth $29,000 after purchasing an additional 231 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of iRhythm Technologies by 110.3% in the third quarter. Nisa Investment Advisors LLC now owns 574 shares of the company’s stock worth $54,000 after buying an additional 301 shares during the period. International Assets Investment Management LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at about $92,000. Quent Capital LLC purchased a new position in shares of iRhythm Technologies during the 4th quarter valued at about $161,000. Finally, SeaCrest Wealth Management LLC bought a new position in shares of iRhythm Technologies during the 4th quarter valued at approximately $205,000.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.