iRhythm Technologies (NASDAQ:IRTC) Stock Gets Price Target Trim from JPMorgan Chase & Co.

iRhythm Technologies (NASDAQ:IRTC) had its target price decreased by JPMorgan Chase & Co. from $175.00 to $145.00 in a research report report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research firms have also recently commented on IRTC. Wells Fargo & Company cut their price objective on iRhythm Technologies from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday. Citigroup lowered iRhythm Technologies from a “buy” rating to a “neutral” rating and decreased their target price for the company from $157.00 to $124.00 in a research report on Friday. Canaccord Genuity Group boosted their price target on shares of iRhythm Technologies from $196.00 to $206.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial boosted their price target 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. Finally, Stephens initiated coverage on shares of iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $168.93.

iRhythm Technologies Price Performance

Shares of iRhythm Technologies stock opened at $90.22 on Friday. The company has a quick ratio of 3.45, a current ratio of 3.57 and a debt-to-equity ratio of 3.68. iRhythm Technologies has a twelve month low of $86.30 and a twelve month high of $192.47. The business has a 50-day moving average price of $114.95 and a 200 day moving average price of $121.69. The firm has a market cap of $2.97 billion, a PE ratio of -77.11 and a beta of 1.39.

iRhythm Technologies (NASDAQ:IRTC) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.80. The company had revenue of $221.59 million during the quarter, compared to analysts’ expectations of $222.23 million. iRhythm Technologies had a positive return on equity of 26.88% and a negative net margin of 4.52%. iRhythm Technologies’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) EPS. Sell-side analysts predict that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

Several large investors have recently bought and sold shares of IRTC. The Manufacturers Life Insurance Company raised its holdings in shares of iRhythm Technologies by 99.2% during the first quarter. The Manufacturers Life Insurance Company now owns 390,577 shares of the company’s stock valued at $46,096,000 after acquiring an additional 194,502 shares during the last quarter. M&G PLC acquired a new stake in shares of iRhythm Technologies in the third quarter worth approximately $13,905,000. Russell Investments Group Ltd. boosted its stake in shares of iRhythm Technologies by 384.7% in the third quarter. Russell Investments Group Ltd. now owns 111,451 shares of the company’s stock worth $12,668,000 after acquiring an additional 88,459 shares during the last quarter. Granahan Investment Management LLC boosted its stake in shares of iRhythm Technologies by 567.9% in the first quarter. Granahan Investment Management LLC now owns 96,022 shares of the company’s stock worth $11,333,000 after acquiring an additional 81,645 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake 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 worth $8,548,000 after acquiring an additional 65,698 shares during the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies is a medical technology company that develops digital solutions for detecting and monitoring heart rhythm disorders. Its services combine wearable electrocardiogram (ECG) devices with cloud-based data analysis and clinical reporting to help healthcare professionals assess patients for conditions such as cardiac arrhythmias.

The company’s Zio product line includes wearable ECG monitors, such as Zio XT, which records a patient’s heart activity during an extended monitoring period.