Morgan Stanley Increases Irhythm Technologies (IRTC) Price Target to $95.00

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Irhythm Technologies (NASDAQ:IRTC) had its price objective increased by Morgan Stanley from $92.00 to $95.00 in a research report report published on Thursday. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also issued reports on IRTC. BidaskClub raised shares of Irhythm Technologies from a hold rating to a buy rating in a research note on Wednesday, June 13th. Royal Bank of Canada increased their target price on shares of Irhythm Technologies to $91.00 and gave the stock an outperform rating in a research note on Wednesday, June 13th. Zacks Investment Research lowered shares of Irhythm Technologies from a hold rating to a sell rating in a research note on Thursday, June 21st. BMO Capital Markets increased their target price on shares of Irhythm Technologies to $93.00 and gave the stock an outperform rating in a research note on Tuesday, July 10th. Finally, Dougherty & Co lowered shares of Irhythm Technologies from a neutral rating to a sell rating in a research note on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $94.14.

Shares of NASDAQ IRTC opened at $86.64 on Thursday. The firm has a market cap of $2.27 billion, a P/E ratio of -66.65 and a beta of 1.35. Irhythm Technologies has a 12-month low of $46.95 and a 12-month high of $98.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 5.47 and a current ratio of 5.58.

Irhythm Technologies (NASDAQ:IRTC) last issued its earnings results on Wednesday, August 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.12). The company had revenue of $35.50 million for the quarter, compared to the consensus estimate of $32.52 million. Irhythm Technologies had a negative return on equity of 53.59% and a negative net margin of 34.38%. The firm’s revenue was up 48.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.29) earnings per share. Equities research analysts predict that Irhythm Technologies will post -1.91 earnings per share for the current fiscal year.

In other Irhythm Technologies news, CFO Matthew C. Garrett sold 14,537 shares of the company’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $83.91, for a total transaction of $1,219,799.67. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Derrick Sung sold 10,000 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $82.01, for a total transaction of $820,100.00. Following the transaction, the insider now owns 26,658 shares in the company, valued at approximately $2,186,222.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,537 shares of company stock worth $7,844,900. Corporate insiders own 5.05% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Osterweis Capital Management Inc. raised its holdings in Irhythm Technologies by 49.9% during the second quarter. Osterweis Capital Management Inc. now owns 60,545 shares of the company’s stock worth $4,912,000 after buying an additional 20,145 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in Irhythm Technologies by 15.2% during the second quarter. OppenheimerFunds Inc. now owns 344,730 shares of the company’s stock worth $27,968,000 after buying an additional 45,450 shares during the last quarter. Millennium Management LLC raised its holdings in Irhythm Technologies by 17.1% during the second quarter. Millennium Management LLC now owns 726,837 shares of the company’s stock worth $58,968,000 after buying an additional 106,337 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Irhythm Technologies by 24.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 108,175 shares of the company’s stock worth $8,777,000 after buying an additional 21,247 shares during the last quarter. Finally, Frontier Capital Management Co. LLC acquired a new position in Irhythm Technologies during the second quarter worth $1,036,000.

Irhythm Technologies Company Profile

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.

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