Northland Securities reaffirmed their hold rating on shares of Irhythm Technologies (NASDAQ:IRTC) in a report published on Monday morning. The firm currently has a $60.00 price objective on the stock.
“We note that this was a physician-initiated study and funded by Bardy. Also, it is important to take this study within the context of an initial study which could provide clues for a larger head-head study, providing important clues for the sensitivity & specificity of R-R wave vs. P-wave analysis in ambulatory ECG monitoring.”,” the firm’s analyst wrote.
A number of other equities research analysts have also issued reports on IRTC. BidaskClub raised Irhythm Technologies from a sell rating to a hold rating in a research note on Wednesday, December 27th. Zacks Investment Research lowered Irhythm Technologies from a hold rating to a sell rating in a research note on Wednesday, January 3rd. ValuEngine raised Irhythm Technologies from a sell rating to a hold rating in a research note on Friday, February 2nd. JPMorgan Chase upped their target price on Irhythm Technologies from $62.00 to $67.00 and gave the company an overweight rating in a research note on Thursday, February 15th. Finally, BMO Capital Markets initiated coverage on Irhythm Technologies in a research note on Monday, March 5th. They issued an outperform rating and a $76.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $69.29.
IRTC opened at $62.34 on Monday. The company has a market capitalization of $1,491.01, a P/E ratio of -47.95 and a beta of 1.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 5.64 and a current ratio of 5.72. Irhythm Technologies has a 1-year low of $32.10 and a 1-year high of $68.07.
Irhythm Technologies (NASDAQ:IRTC) last posted its earnings results on Wednesday, February 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.13). Irhythm Technologies had a negative net margin of 29.87% and a negative return on equity of 34.44%. The company had revenue of $28.20 million during the quarter, compared to analysts’ expectations of $26.79 million. During the same period in the previous year, the company posted ($0.37) EPS. Irhythm Technologies’s quarterly revenue was up 50.8% compared to the same quarter last year. equities research analysts forecast that Irhythm Technologies will post -1.54 earnings per share for the current fiscal year.
In other Irhythm Technologies news, Director Vijay K. Lathi sold 114,018 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $66.44, for a total transaction of $7,575,355.92. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David A. Vort sold 935 shares of the stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $67.01, for a total value of $62,654.35. Following the transaction, the executive vice president now directly owns 22,221 shares in the company, valued at approximately $1,489,029.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 352,452 shares of company stock worth $22,613,610. 23.30% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Shaker Investments LLC OH purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $263,000. Two Sigma Advisers LP purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $331,000. Aperio Group LLC purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $529,000. Macquarie Group Ltd. purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $608,000. Finally, California Public Employees Retirement System purchased a new position in shares of Irhythm Technologies during the 4th quarter worth $735,000. 98.59% of the stock is currently owned by institutional investors.
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About Irhythm Technologies
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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