iRhythm Technologies (NASDAQ:IRTC) Receives $179.93 Average PT from Analysts

Shares of iRhythm Technologies (NASDAQ:IRTC) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $179.9286.

Several research firms have recently issued reports on IRTC. Wells Fargo & Company lowered their price objective on iRhythm Technologies from $180.00 to $168.00 and set an “overweight” rating for the company in a research report on Tuesday, August 18th. Truist Financial boosted their target price on iRhythm Technologies from $160.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Weiss Ratings raised iRhythm Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 18th. Bank of America dropped their price target on shares of iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research note on Monday, May 18th. Finally, Canaccord Genuity Group cut their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a report on Monday, June 1st.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in iRhythm Technologies by 13,944.0% during the 2nd quarter. California State Teachers Retirement System now owns 5,241,770 shares of the company’s stock worth $623,509,000 after acquiring an additional 5,204,446 shares during the period. RTW Investments LP bought a new stake in shares of iRhythm Technologies in the 4th quarter valued at approximately $209,732,000. Geode Capital Management LLC raised its position in shares of iRhythm Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 858,405 shares of the company’s stock valued at $152,337,000 after acquiring an additional 68,301 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in iRhythm Technologies by 45.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 829,862 shares of the company’s stock worth $147,251,000 after purchasing an additional 259,800 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in iRhythm Technologies by 197.4% during the fourth quarter. Millennium Management LLC now owns 826,376 shares of the company’s stock worth $146,632,000 after purchasing an additional 548,519 shares during the last quarter.

iRhythm Technologies Trading Down 0.7%

Shares of IRTC opened at $122.24 on Friday. iRhythm Technologies has a 1 year low of $100.85 and a 1 year 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 stock has a 50 day simple moving average of $120.34 and a 200-day simple moving average of $119.43. The stock has a market cap of $4.03 billion, a PE ratio of -284.28 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.62. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.The business had revenue of $224.17 million for the quarter, compared to analyst estimates of $219.30 million. During the same quarter in the previous year, the firm earned ($0.32) EPS. iRhythm Technologies’s quarterly revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts predict that iRhythm Technologies will post 0.6 EPS for the current fiscal year.

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.