Stephens Initiates Coverage on iRhythm Technologies (NASDAQ:IRTC)

Equities researchers at Stephens began coverage on shares of iRhythm Technologies (NASDAQ:IRTC) in a report released on Thursday. The brokerage set an “overweight” rating and a $160.00 price target on the stock. Stephens’ price target points to a potential upside of 50.84% from the stock’s current price.

Several other analysts have also issued reports on IRTC. Wall Street Zen upgraded iRhythm Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a research note on Monday, June 1st. Truist Financial reduced their price objective on shares of iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 18th. Finally, BTIG Research reaffirmed a “buy” rating and set a $185.00 target price on shares of iRhythm Technologies in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.71.

iRhythm Technologies Stock Down 2.7%

NASDAQ IRTC opened at $106.07 on Thursday. iRhythm Technologies has a 12 month low of $100.85 and a 12 month high of $212.00. The company has a market capitalization of $3.49 billion, a P/E ratio of -123.34 and a beta of 1.27. The company’s 50 day simple moving average is $113.81 and its 200 day simple moving average is $128.90. The company has a debt-to-equity ratio of 4.03, a current ratio of 5.17 and a quick ratio of 4.98.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.21. iRhythm Technologies had a negative return on equity of 10.26% and a negative net margin of 3.53%.The company had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same period in the previous year, the firm earned ($0.97) earnings per share. iRhythm Technologies’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities research analysts expect that iRhythm Technologies will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at iRhythm Technologies

In related news, Director Abhijit Y. Talwalkar acquired 5,312 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were bought at an average price of $10.71 per share, for a total transaction of $56,891.52. Following the acquisition, the director owned 25,611 shares in the company, valued at $274,293.81. This trade represents a 26.17% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.98% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently added to or reduced their stakes in IRTC. Measured Wealth Private Client Group LLC acquired a new stake in shares of iRhythm Technologies during the 3rd quarter worth approximately $30,000. GAMMA Investing LLC raised its stake in shares of iRhythm Technologies by 48.4% in the fourth quarter. GAMMA Investing LLC now owns 184 shares of the company’s stock valued at $33,000 after purchasing an additional 60 shares in the last quarter. Employees Retirement System of Texas bought a new position in iRhythm Technologies in the third quarter worth $36,000. Harbor Investment Advisory LLC bought a new position in iRhythm Technologies in the second quarter worth $50,000. Finally, Torren Management LLC acquired a new stake in iRhythm Technologies during the fourth quarter worth $53,000.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a medical technology company that develops and commercializes wearable cardiac monitoring devices and associated data analytics services. Founded in 2006 and headquartered in San Francisco, California, the company’s flagship product is the Zio® patch, a discreet, single-use, continuous ECG recorder designed to monitor heart rhythms for up to 14 days. iRhythm’s digital diagnostics platform combines biosensor technology with proprietary algorithms to detect arrhythmias and streamline data interpretation for physicians.

The Zio service is prescribed by cardiologists and other healthcare providers to aid in the diagnosis of atrial fibrillation, bradycardia, tachycardia and other rhythm disorders.