Analysts Set $37.75 Price Target for IRHYTHM TECH (IRTC)

IRHYTHM TECH (NASDAQ:IRTC) has been assigned an average broker rating score of 1.00 (Strong Buy) from the four brokers that cover the company, Zacks Investment Research reports. Four equities research analysts have rated the stock with a strong buy recommendation. IRHYTHM TECH’s rating score has improved by 11.5% from three months ago as a result of a number of analysts’ ratings changes.

Brokerages have set a 1-year consensus price target of $37.75 for the company and are anticipating that the company will post ($0.31) earnings per share for the current quarter, according to Zacks. Zacks has also given IRHYTHM TECH an industry rank of 207 out of 265 based on the ratings given to related companies.

IRTC has been the topic of several recent analyst reports. Canaccord Genuity reissued a “buy” rating and issued a $40.00 target price on shares of IRHYTHM TECH in a research note on Monday, April 10th. Zacks Investment Research cut IRHYTHM TECH from a “hold” rating to a “sell” rating in a research note on Friday, March 17th. Finally, Morgan Stanley raised their target price on IRHYTHM TECH from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 6th.

In related news, major shareholder Synergy Life Science Partners sold 350,000 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $37.43, for a total value of $13,100,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vijay K. Lathi sold 430,624 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $37.59, for a total value of $16,187,156.16. The disclosure for this sale can be found here. Insiders sold 1,425,624 shares of company stock worth $51,669,156 over the last three months. 23.30% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Novo A S acquired a new stake in IRHYTHM TECH during the fourth quarter valued at about $60,733,000. Franklin Resources Inc. acquired a new stake in IRHYTHM TECH during the fourth quarter valued at about $31,794,000. TimesSquare Capital Management LLC acquired a new stake in IRHYTHM TECH during the first quarter valued at about $27,746,000. Columbia Wanger Asset Management LLC boosted its stake in IRHYTHM TECH by 6.4% in the first quarter. Columbia Wanger Asset Management LLC now owns 589,147 shares of the company’s stock valued at $22,152,000 after buying an additional 35,300 shares during the last quarter. Finally, FMR LLC acquired a new stake in IRHYTHM TECH during the fourth quarter valued at about $13,200,000. 59.13% of the stock is currently owned by institutional investors.

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IRHYTHM TECH (IRTC) traded up 1.57% during midday trading on Wednesday, hitting $38.74. The company’s stock had a trading volume of 290,299 shares. IRHYTHM TECH has a 52-week low of $22.16 and a 52-week high of $40.48. The company’s market cap is $861.11 million. The stock has a 50 day moving average of $35.77 and a 200 day moving average of $33.80.

IRHYTHM TECH (NASDAQ:IRTC) last announced its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.12. The company had revenue of $21.40 million for the quarter, compared to the consensus estimate of $19.13 million. The firm’s quarterly revenue was up 67.2% compared to the same quarter last year. On average, equities analysts expect that IRHYTHM TECH will post ($1.08) EPS for the current year.

About IRHYTHM TECH

iRhythm Technologies, Inc is a United States-based digital health company. The Company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The Company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report.

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