iRhythm Technologies (NASDAQ:IRTC) Price Target Cut to $170.00 by Analysts at BTIG Research

iRhythm Technologies (NASDAQ:IRTC) had its price objective dropped by stock analysts at BTIG Research from $185.00 to $170.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research‘s price objective suggests a potential upside of 29.74% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wall Street Zen lowered shares of iRhythm Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Stephens began coverage on shares of iRhythm Technologies in a research note on Thursday, July 23rd. They set an “overweight” rating and a $160.00 price objective on the stock. Needham & Company LLC decreased their price objective on shares of iRhythm Technologies from $194.00 to $165.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler assumed coverage on shares of iRhythm Technologies in a research report on Friday, October 16th. They issued an “overweight” rating and a $160.00 target price for the company. Finally, Canaccord Genuity Group set a $206.00 target price on shares of iRhythm Technologies in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, iRhythm Technologies currently has an average rating of “Moderate Buy” and an average target price of $172.86.

iRhythm Technologies Price Performance

Shares of NASDAQ IRTC opened at $131.03 on Friday. The company has a quick ratio of 3.74, a current ratio of 3.86 and a debt-to-equity ratio of 3.50. iRhythm Technologies has a fifty-two week low of $100.70 and a fifty-two week high of $192.47. The business has a 50 day moving average price of $115.47 and a two-hundred day moving average price of $122.07. The firm has a market cap of $4.32 billion, a PE ratio of -304.72 and a beta of 1.39.

iRhythm Technologies (NASDAQ:IRTC) last announced its earnings results on Thursday, November 5th. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.80. The company had revenue of $221.59 million for the quarter, compared to analyst estimates of $222.23 million. iRhythm Technologies had a positive return on equity of 10.11% and a negative net margin of 1.69%. iRhythm Technologies’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. Sell-side analysts expect that iRhythm Technologies will post 0.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On iRhythm Technologies

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its position in shares of iRhythm Technologies by 99.2% during the 1st 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 in the last quarter. M&G PLC acquired a new position in iRhythm Technologies in the third quarter worth $13,905,000. Granahan Investment Management LLC increased its stake in iRhythm Technologies by 567.9% during the first quarter. Granahan Investment Management LLC now owns 96,022 shares of the company’s stock valued at $11,333,000 after purchasing an additional 81,645 shares during the last quarter. Squarepoint Ops LLC increased its stake in iRhythm Technologies by 1,065.8% during the second quarter. Squarepoint Ops LLC now owns 71,862 shares of the company’s stock valued at $8,548,000 after purchasing an additional 65,698 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in iRhythm Technologies by 14.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 467,113 shares of the company’s stock valued at $55,222,000 after purchasing an additional 59,704 shares during the last quarter.

Key Headlines Impacting iRhythm Technologies

Here are the key news stories impacting iRhythm Technologies this week:

• Positive Sentiment: Third-quarter adjusted EPS was $0.82, well above the $0.02 consensus estimate and the year-ago loss of $0.06. iRhythm Q3 Earnings Surpass Estimates
• Neutral Sentiment: Revenue increased 14.9% year over year to $221.6 million, but was just below the $222.2 million analyst estimate, making sales performance broadly in line with expectations. Q3 Revenue Report
• Negative Sentiment: Despite the earnings beat, a report said IRTC shares declined following the results, suggesting investors were disappointed by something beyond the headline EPS figure. Needham cut its price target to $165 from $194, while keeping its Buy rating. Q3 Results and Share Reaction Needham Price Target Update

iRhythm Technologies Company Profile

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.