iRhythm Technologies (NASDAQ:IRTC) Receives $179.93 Average Target Price from Brokerages

iRhythm Technologies (NASDAQ:IRTC) has earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $179.9286.

A number of equities research analysts have recently weighed in on IRTC shares. Bank of America cut their price objective on iRhythm Technologies from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Wall Street Zen lowered iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. cut their price target on shares of iRhythm Technologies from $215.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Canaccord Genuity Group reduced their price objective on shares of iRhythm Technologies from $180.00 to $152.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Finally, BTIG Research reissued a “buy” rating and issued a $185.00 price target on shares of iRhythm Technologies in a research note on Monday, June 22nd.

iRhythm Technologies Stock Performance

iRhythm Technologies stock opened at $126.44 on Wednesday. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. The company has a market capitalization of $4.17 billion, a PE ratio of -294.05 and a beta of 1.30. The firm has a fifty day simple moving average of $116.77 and a two-hundred day simple moving average of $123.18. iRhythm Technologies has a twelve month low of $100.85 and a twelve month high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its quarterly earnings data 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 positive return on equity of 10.11% and a negative net margin of 1.69%.The firm had revenue of $224.17 million for the quarter, compared to analysts’ expectations of $219.30 million. During the same period last year, the firm earned ($0.32) earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. Research analysts expect that iRhythm Technologies will post 0.43 EPS for the current year.

Hedge Funds Weigh In On iRhythm Technologies

Large investors have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC purchased a new stake in iRhythm Technologies during the third quarter valued at approximately $30,000. Employees Retirement System of Texas bought a new stake in iRhythm Technologies during the third quarter valued at about $36,000. Harbor Investment Advisory LLC purchased a new position in shares of iRhythm Technologies in the second quarter valued at about $50,000. Torren Management LLC purchased a new position in iRhythm Technologies in the 4th quarter worth approximately $53,000. Finally, Smartleaf Asset Management LLC raised its position in shares of iRhythm Technologies by 63.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 323 shares of the company’s stock valued at $58,000 after buying an additional 125 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.