iRhythm Technologies (NASDAQ:IRTC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of iRhythm Technologies (NASDAQ:IRTC) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.

Several other equities analysts also recently commented on the company. Truist Financial lowered their price target on iRhythm Technologies from $174.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. JPMorgan Chase & Co. decreased their price objective on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Weiss Ratings upgraded shares of iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, June 18th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Finally, Canaccord Genuity Group cut their target price on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $186.62.

iRhythm Technologies Price Performance

Shares of NASDAQ:IRTC opened at $111.37 on Friday. The stock has a market capitalization of $3.66 billion, a P/E ratio of -129.50 and a beta of 1.27. The business has a 50-day moving average of $114.17 and a two-hundred day moving average of $129.89. iRhythm Technologies has a fifty-two week low of $100.85 and a fifty-two week high of $212.00. 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 issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.35) EPS for the quarter, beating 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 business had revenue of $199.39 million for the quarter, compared to analyst estimates of $194.11 million. During the same quarter in the prior year, the firm posted ($0.97) EPS. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, equities research analysts predict that iRhythm Technologies will post 0.13 EPS for the current fiscal year.

Insider Activity at iRhythm Technologies

In other iRhythm Technologies news, Director Abhijit Y. Talwalkar purchased 5,312 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $10.71 per share, for a total transaction of $56,891.52. Following the completion of the acquisition, the director directly owned 25,611 shares in the company, valued at $274,293.81. This represents a 26.17% increase in their ownership of the stock. The purchase was disclosed in a document filed 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 currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Several large investors have recently bought and sold shares of IRTC. Handelsbanken Fonder AB boosted its holdings in iRhythm Technologies by 17.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 12,239 shares of the company’s stock valued at $1,456,000 after purchasing an additional 1,800 shares during the period. Harbor Investment Advisory LLC acquired a new stake in iRhythm Technologies in the 2nd quarter worth $50,000. Amundi increased its holdings in shares of iRhythm Technologies by 48.4% during the 1st quarter. Amundi now owns 49,575 shares of the company’s stock worth $5,851,000 after purchasing an additional 16,165 shares during the period. California State Teachers Retirement System increased its holdings in shares of iRhythm Technologies by 22.1% during the 1st quarter. California State Teachers Retirement System now owns 37,324 shares of the company’s stock worth $4,405,000 after purchasing an additional 6,763 shares during the period. Finally, Rock Springs Capital Management LP raised its position in shares of iRhythm Technologies by 11.4% during the first quarter. Rock Springs Capital Management LP now owns 261,750 shares of the company’s stock valued at $30,892,000 after buying an additional 26,750 shares during the last quarter.

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.