Royal Bank Of Canada Initiates Coverage on Irhythm Technologies (IRTC)

Stock analysts at Royal Bank Of Canada began coverage on shares of Irhythm Technologies (NASDAQ:IRTC) in a research note issued on Monday. The firm set an “outperform” rating and a $79.00 price target on the stock. Royal Bank Of Canada’s price target points to a potential upside of 51.02% from the stock’s current price.

A number of other research analysts have also issued reports on IRTC. Dougherty & Co began coverage on shares of Irhythm Technologies in a research note on Friday, December 1st. They set a “neutral” rating on the stock. Zacks Investment Research lowered shares of Irhythm Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. ValuEngine upgraded shares of Irhythm Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Canaccord Genuity upped their price target on shares of Irhythm Technologies from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. Finally, Morgan Stanley upped their price target on shares of Irhythm Technologies from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, November 3rd. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Irhythm Technologies currently has a consensus rating of “Hold” and an average target price of $65.25.

Irhythm Technologies (NASDAQ IRTC) opened at $52.31 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 7.57 and a current ratio of 7.65. Irhythm Technologies has a 52 week low of $24.25 and a 52 week high of $57.90.

Irhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, November 1st. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.05. The firm had revenue of $25.04 million during the quarter, compared to analyst estimates of $24.30 million. Irhythm Technologies had a negative net margin of 27.56% and a negative return on equity of 27.67%. Irhythm Technologies’s revenue was up 49.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($2.80) EPS. research analysts expect that Irhythm Technologies will post -1.17 earnings per share for the current fiscal year.

In other Irhythm Technologies news, Director Raymond W. Scott sold 8,088 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $48.00, for a total transaction of $388,224.00. Following the transaction, the director now owns 8,088 shares in the company, valued at approximately $388,224. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew C. Garrett sold 1,193 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $55.00, for a total transaction of $65,615.00. The disclosure for this sale can be found here. Insiders have sold a total of 333,894 shares of company stock worth $17,244,829 in the last 90 days. 23.30% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its holdings in shares of Irhythm Technologies by 763.9% in the 3rd quarter. Advisor Group Inc. now owns 2,920 shares of the company’s stock valued at $151,000 after acquiring an additional 2,582 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Irhythm Technologies by 131.0% in the 2nd quarter. Legal & General Group Plc now owns 3,373 shares of the company’s stock valued at $143,000 after acquiring an additional 1,913 shares during the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Irhythm Technologies in the 2nd quarter valued at $221,000. Voya Investment Management LLC purchased a new stake in shares of Irhythm Technologies in the 2nd quarter valued at $274,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Irhythm Technologies in the 2nd quarter valued at $289,000. 97.80% of the stock is currently owned by institutional investors and hedge funds.

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About Irhythm Technologies

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.

Analyst Recommendations for Irhythm Technologies (NASDAQ:IRTC)

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