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 report released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently weighed in on IRTC. Truist Financial lifted their price objective on shares of iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a report on Monday, August 10th. HC Wainwright reiterated a “buy” rating on shares of iRhythm Technologies in a report on Monday, June 1st. Needham & Company LLC decreased their price target on shares of iRhythm Technologies from $255.00 to $192.00 and set a “buy” rating for the company in a research report on Friday, August 7th. BTIG Research restated a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research note on Monday, June 22nd. Finally, Canaccord Genuity Group cut their price objective on iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, iRhythm Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.93.

iRhythm Technologies Price Performance

IRTC opened at $112.60 on Friday. The stock’s 50-day moving average price is $118.34 and its 200 day moving average price is $117.28. iRhythm Technologies has a 12-month low of $100.85 and a 12-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 cap of $3.71 billion, a price-to-earnings ratio of -261.86 and a beta of 1.31.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.62. The company had revenue of $224.17 million during the quarter, compared to analysts’ expectations of $219.30 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%.iRhythm Technologies’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the business posted ($0.32) EPS. As a group, sell-side analysts expect that iRhythm Technologies will post 0.6 earnings per share for the current year.

Institutional Investors Weigh In On iRhythm Technologies

Large investors have recently modified their holdings of the company. Harbor Investment Advisory LLC purchased a new stake in shares of iRhythm Technologies during the 2nd quarter worth $50,000. Clearstead Advisors LLC raised its stake in iRhythm Technologies by 203.7% in the fourth quarter. Clearstead Advisors LLC now owns 662 shares of the company’s stock valued at $117,000 after buying an additional 444 shares in the last quarter. Assetmark Inc. raised its stake in iRhythm Technologies by 30.1% in the first quarter. Assetmark Inc. now owns 821 shares of the company’s stock valued at $97,000 after buying an additional 190 shares in the last quarter. MidFirst Bank purchased a new stake in iRhythm Technologies during the 4th quarter worth about $235,000. Finally, Rockefeller Capital Management L.P. lifted its holdings in iRhythm Technologies by 89.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,361 shares of the company’s stock worth $241,000 after buying an additional 644 shares during the last quarter.

iRhythm Technologies Company Profile

iRhythm Technologies, Inc is a digital health company focused on ambulatory cardiac monitoring and the detection of cardiac arrhythmias. The company combines wearable electrocardiogram (ECG) sensors, cloud-based data analysis and clinical support services to help healthcare professionals identify and manage irregular heart rhythms.

Its product portfolio includes the Zio monitor and related services, including Zio XT and Zio AT. These single-use, wearable devices continuously record cardiac activity over an extended period, after which iRhythm analyzes the data and provides reports to physicians.