Irhythm Tech (NASDAQ:IRTC) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $58.00 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.48% from the stock’s current price.

According to Zacks, “iRhythm Technologies, Inc. is a digital healthcare company. It focuses on the provision of ambulatory electrocardiogram, monitoring for patients at risk for arrhythmias primarily in the United States. The company offers ZIO Service, a platform which provides wearable biosensor with cloud-based data analytics that distill data from heartbeats into clinically actionable information. iRhythm Technologies, Inc. is headquartered in San Francisco, California. “

Several other equities research analysts also recently weighed in on IRTC. Canaccord Genuity increased their target price on shares of Irhythm Tech from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. Morgan Stanley raised their target price on shares of Irhythm Tech from $43.00 to $47.00 and gave the stock an “overweight” rating in a report on Tuesday, June 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $44.40.

Irhythm Tech (IRTC) opened at 51.11 on Wednesday. The stock’s market cap is $1.16 billion. Irhythm Tech has a one year low of $22.16 and a one year high of $52.43. The company’s 50-day moving average price is $50.17 and its 200-day moving average price is $50.17.

Irhythm Tech (NASDAQ:IRTC) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.02. The company had revenue of $23.85 million during the quarter, compared to analyst estimates of $22.10 million. Irhythm Tech had a negative net margin of 27.34% and a negative return on equity of 57.23%. Irhythm Tech’s revenue was up 51.6% compared to the same quarter last year. Analysts forecast that Irhythm Tech will post ($1.13) EPS for the current fiscal year.

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In related news, Director Raymond W. Scott sold 4,661 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $48.02, for a total transaction of $223,821.22. Following the completion of the transaction, the director now owns 4,661 shares in the company, valued at approximately $223,821.22. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David A. Vort sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $48.76, for a total value of $243,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,100 shares of company stock worth $11,137,023. Company insiders own 23.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in IRTC. Teachers Advisors LLC bought a new position in Irhythm Tech in the 4th quarter valued at $373,000. Nationwide Fund Advisors increased its stake in Irhythm Tech by 30.2% in the first quarter. Nationwide Fund Advisors now owns 4,069 shares of the company’s stock worth $153,000 after purchasing an additional 945 shares during the period. Bank of New York Mellon Corp increased its stake in Irhythm Tech by 20.9% in the first quarter. Bank of New York Mellon Corp now owns 21,664 shares of the company’s stock worth $814,000 after purchasing an additional 3,743 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Irhythm Tech by 9.9% during the first quarter. Ameriprise Financial Inc. now owns 141,088 shares of the company’s stock worth $5,304,000 after purchasing an additional 12,715 shares during the last quarter. Finally, American International Group Inc. bought a new stake in shares of Irhythm Tech during the first quarter worth $161,000. 93.25% of the stock is currently owned by institutional investors.

Irhythm Tech Company Profile

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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