iRhythm Technologies (NASDAQ:IRTC) Stock Has Average Target Price of $177.53

iRhythm Technologies (NASDAQ:IRTC) has been given a consensus rating of “Moderate Buy” by the seventeen ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $177.53.

A number of equities research analysts have recently issued reports on IRTC shares. Stephens began coverage on iRhythm Technologies in a research report on Thursday, July 23rd. They set an “overweight” rating and a $160.00 target price on the stock. Truist Financial increased their price target on iRhythm Technologies from $160.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Wall Street Zen cut iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Wells Fargo & Company cut their price objective on iRhythm Technologies from $168.00 to $150.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Finally, Piper Sandler initiated coverage on iRhythm Technologies in a report on Friday, October 16th. They set an “overweight” rating and a $160.00 price objective on the stock.

iRhythm Technologies Stock Up 0.2%

IRTC opened at $123.99 on Monday. The company has a debt-to-equity ratio of 3.50, a quick ratio of 3.74 and a current ratio of 3.86. The company has a market capitalization of $4.09 billion, a PE ratio of -288.35 and a beta of 1.45. The stock’s fifty day moving average is $115.07 and its 200-day moving average is $123.26. iRhythm Technologies has a one year low of $100.70 and a one year high of $212.00.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share 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 during the quarter, compared to analysts’ expectations of $219.30 million. During the same quarter last year, the business posted ($0.32) earnings per share. The company’s quarterly revenue was up 20.1% on a year-over-year basis. On average, equities analysts predict that iRhythm Technologies will post 0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

A number of large investors have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its position in iRhythm Technologies by 22.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,960 shares of the company’s stock worth $224,000 after buying an additional 360 shares during the period. Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of iRhythm Technologies by 2,588.4% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 2,312 shares of the company’s stock worth $263,000 after buying an additional 2,226 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of iRhythm Technologies by 842.2% during the third quarter. Sterling Capital Management LLC now owns 1,093 shares of the company’s stock worth $124,000 after buying an additional 977 shares during the last quarter. Abel Hall LLC bought a new stake in shares of iRhythm Technologies in the third quarter valued at approximately $256,000. Finally, Versant Capital Management Inc boosted its position in shares of iRhythm Technologies by 123.2% in the third quarter. Versant Capital Management Inc now owns 221 shares of the company’s stock valued at $25,000 after acquiring an additional 122 shares during the period.

About iRhythm Technologies

iRhythm Technologies, Inc is a digital health company focused on the diagnosis and management of cardiac arrhythmias. The company provides ambulatory cardiac monitoring services that enable physicians to evaluate patients for conditions such as atrial fibrillation and other irregular heart rhythms.

Its principal offering is the Zio platform, which combines wearable electrocardiogram (ECG) monitoring devices with cloud-based data analysis and physician reports. Products in the platform include the Zio XT, an extended-wear monitor, and the Zio AT, which provides near-real-time monitoring capabilities.