iRhythm Technologies (NASDAQ:IRTC) Stock Gets Downgrade from Wall Street Zen

iRhythm Technologies (NASDAQ:IRTC) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

A number of other research analysts have also recently commented on IRTC. Wells Fargo & Company reduced their target price on shares of iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. Weiss Ratings restated a “sell (d-)” rating on shares of iRhythm Technologies in a research note on Monday, September 14th. Needham & Company LLC raised their price target on shares of iRhythm Technologies from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, October 5th. BTIG Research reaffirmed a “buy” rating and set a $185.00 price target on shares of iRhythm Technologies in a research note on Monday, June 22nd. Finally, Truist Financial boosted their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, iRhythm Technologies presently has an average rating of “Moderate Buy” and an average target price of $178.79.

iRhythm Technologies Stock Performance

Shares of IRTC opened at $106.70 on Friday. iRhythm Technologies has a twelve month low of $100.70 and a twelve month high of $212.00. The company has a current ratio of 3.86, a quick ratio of 3.74 and a debt-to-equity ratio of 3.50. The firm has a market capitalization of $3.52 billion, a P/E ratio of -248.14 and a beta of 1.45. The firm’s 50-day moving average is $117.53 and its two-hundred day moving average is $116.80.

iRhythm Technologies (NASDAQ:IRTC) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. iRhythm Technologies had a negative net margin of 1.69% and a positive return on equity of 10.11%. The company had revenue of $224.17 million during the quarter, compared to the consensus estimate of $219.30 million. During the same period last year, the firm earned ($0.32) EPS. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, research analysts predict that iRhythm Technologies will post 0.60 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its holdings in iRhythm Technologies by 123.2% during the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Cim Investment Management Inc. increased its holdings in shares of iRhythm Technologies by 7.4% in the second quarter. Cim Investment Management Inc. now owns 4,824 shares of the company’s stock valued at $574,000 after buying an additional 333 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of iRhythm Technologies by 1,065.8% in the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after buying an additional 65,698 shares in the last quarter. Nykredit A S bought a new position in shares of iRhythm Technologies in the second quarter valued at $236,000. Finally, Amundi lifted its position in shares of iRhythm Technologies by 14.0% during the 2nd quarter. Amundi now owns 56,534 shares of the company’s stock valued at $6,725,000 after acquiring an additional 6,959 shares during the last quarter.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health care company focused on ambulatory cardiac monitoring and the diagnosis of cardiac arrhythmias. The company combines wearable biosensor technology, cloud-based data analysis and clinical services to help physicians detect and manage irregular heart rhythms, including atrial fibrillation.

Its principal products include the Zio monitor portfolio, which is designed for extended, continuous electrocardiogram monitoring in an easy-to-use wearable format.